I’ve been waiting to delegate my UNI to someone who wants to activate a critical part of the UNI token governance and no one has done it.
Delegate to me your votes and I will only use it for one single purpose:
Activation of the protocol fee switch and nothing else.
Call to action:
None yet, but community member can make a page that shows current delegated votes and any proposals that I have done.
Reasons why as Uni token holders we want to do this:
- The switch allows governance to divert 0.05% of all swap fees to where ever Uniswap Governance decides. This delegation will not get into the politics of where that money should go and how it will be spent.
- Control over the Uniswap fee switch is subject to a 180 day time lockdelay. Let’s not waste time. Activating it doesn’t mean we HAVE to do something with it. We can just choose NOT to divert the funds from the swap fees, but at least we will have the option.
- 1% of UNI total supply (delegated) to submit a governance proposal. 1 million votes are required to submit proposal. 4% of UNI (4 million) supply required to vote ’yes’ to reach quorum. The development team purposely designed the protocol fee switch as a community governance issue because of legal issues, so they are UNLIKELY to vote on this issue.
This is up to us as a community to make this happen.
Uniswap is averaging $500,000,000 in volume a day for the past month.
$500,000,000 * .3% = $1,500,000 or $1.5 million per day
Protocol Fee Switch
$500,000,000 * .05% = $250,000 or $250k per day
If governance decided to divert these funds to UNI token holders (Not saying we should do this).
In 180 days there will be approximately 450 million UNI tokens and if we assume that Uniswap does not grow in fee volume:
$250,000 / 450,000,000 = $0.000556 per day per UNI
Approximately $0.203 per year per UNI token