[TEMP CHECK] - Onboarding Package for Lisk
We voted For, as we believe that Lisk has a unique user base focused on emerging markets and could provide for an interesting user acquisition.
[TEMP CHECK] - Onboarding Package for Lisk
We voted For, as we believe that Lisk has a unique user base focused on emerging markets and could provide for an interesting user acquisition.
Uniswap Growth Program Trial - OnChain
Vote: Yes
Reasoning: Layer 2 ecosystems are currently offering substantial incentives - including Optimismâs $1M annual grants, Scrollâs six-figure ecosystem program, and incentives from Taiko, Mantle, Rootstock, Boba, and Linea. Without a dedicated team pursuing these opportunities, Uniswap is leaving significant capital on the table that could be directed towards liquidity providers and ecosystem growth. AlphaGrowth has demonstrated their capability through successful managing growth of other protocols as seen in their deployment of 1M ARB in the UADP program and role in the growth initiatives at Compound. Additionally the proposalâs timing strategically aligns with Uniswap v4âs deployment, as funds can be used to incentivise the upgraded protocol. A 6-month trial at $75k/month provides a framework to evaluate the teamâs effectiveness in capturing these opportunities, and we believe the potential return from incentives is likely to outweigh the programâs cost.
[Updated] Forse Analytics for Uniswap Revitalization and Growth Program - Onchain
Vote: Yes
Reasoning: With Uniswap having deployed over $3.5M in incentives through the Revitalization and Growth Program, having proper data analysis is crucial for evaluating these investments. This improved proposal incorporates key changes from the previous version - reducing costs to $60k while expanding coverage to 4 chains, adding UAC oversight for accountability, and ensuring no overlap with Gauntletâs research. We previously supported this initiative and these changes only strengthen the proposal by adding more accountability and value.
[TEMP CHECK] - Tally Uniswap Proposal
On Chain - Supporting Tallyâs Development and Enhancements for Uniswap DAO Governance
Vote: Yes
Reasoning: Tally has established itself as a critical infrastructure for Uniswap governance, handling 75% of proposal creation and over 55% of on-chain votes in the past 6 months. Alongside this the Tally team is very active and involved in Uniswap governance and has already contributed in various ways including feature delivery, UNI staking support and gasless delegation, demonstrating their value to the Uniswap governance ecosystem. The $250k annual budget over 2 years with quarterly payments through UAC provides proper accountability while ensuring sustained development of critical governance infrastructure.
[TEMP CHECK] Uniswap DAO Principles
Vote : Yes
Reasoning: The Uniswap DAO Principles establish clear standards and guidelines for governance. While non-binding, these principles provide valuable recommendations for conduct and decision-making without restricting member autonomy. Specifically we believe the Disclosure principle is important. As many stakeholders are active in other communities and the broader DeFi ecosystem, explicit reporting of conflicts of interest is essential to ensure a transparant voting process. We support the adoption of these principles as they strengthen the foundation of effective DAO governance, and therefore voted in favor.
[TEMP CHECK] - Adopt The SEAL Safe Harbor Agreement
Vote: YES
Rational: The SEAL Safe Harbor Agreement strengthens Uniswapâs security by establishing a legal framework for white-hat hackers to identify and report vulnerabilities before malicious actors can exploit them. The proposed 10% bounty (capped at $2.25M) creates substantial incentives for whitehats, while still being an amount that the UNI treasury can pay out. This proactive approach prioritizes protecting user funds through early vulnerability detection, ensuring whitehats will constantly be monitoring Uniswaps security for potential exploits.
[TEMP CHECK] Scale Uniswap Liquidity on Celo
Vote: YES
Rational: The Celo ecosystem heavily emphasizes stablecoins, with Mentoâan algorithmic stablecoin platformâhaving $82M TVL (71.6% dominance). cUSDC has a market cap of $35.6M, while cEUR has a market cap of $6.3M. However, these stablecoins show relatively low secondary market liquidity, as demonstrated in the following figure. The pools remain capital efficient, with USDT/cUSD having > 1 Volume/TVL ratio.
Uniswaps deployment on Celo has been successful, with the top 10 pools generating $2.7M in annualized revenue for LP holders. With Celo offering $500K in matching funds, moving forward with this initiative makes sense.
[TEMP CHECK] Metal L2: Bridging TradFi and DeFi Through Uniswap V3
Vote: No
Reasoning: We have voted against the deployment of $250k UNI incentives on Metal L2. According to L2Beat, the total TVL on the chain is only $266k. Additionally, on Velodromeâwhich launched with 1,020,000 MTL voting incentives (double Uniswapâs proposed 500,000)âthe pools show extremely low trading volume and TVL.
Discretionary Budget from UAC for Co-Incentive Campaigns
Vote: Yes
Reasoning: Given the rise in UNI prices and the strategic value of these partnerships, allocating additional incentives toward successful campaigns is a logical decision.
Incentive Package for Sonic (Formerly Fantom)
Vote: Yes
Reasoning: We vote in favor of this proposal. We believe Sonic will develop a strong DeFi ecosystem, and allocating $250k in incentives is appropriate given Sonicâs $500k commitment.
Below are Keyrockâs voting rationales for the period of January 2025. As no new snapshot proposals were published during this period, our on-chain voting rationales remain consistent with our initial positions.
Incentive Package for Sonic
Vote: Yes
Reasoning: Our position is aligned with our TEMP CHECK vote, further reinforced by Sonicâs $50M TVL at the time of the on-chain vote. Sonic has shown strong commitment through their matched incentives and partnership with Oku for deployment. Keyrock will actively monitor the incentive programâs performance.
Scale Uniswap Liquidity on Celo
Vote: Yes
Reasoning: Aligned with our vote and previous rationale. Similar to Sonic, we believe the 2:1 Ratio of incentive matching from Celo makes this program attractive.
Uniswap DAO Principles
Vote: Yes
Reasoning: We support the Uniswap DAO principles, which provide important guidelines for delegates while maintaining flexibility in governance decisions
Governance Proposal - Adopt The SEAL Safe Harbor Agreement
Vote: Yes
Reasoning: As mentioned in our TEMP CHECK vote, we support establishing a clear framework to safely incentivize whitehat researchers in their bug-hunting efforts.