[Temperature Check] - Activate Uniswap Protocol Governance

Governance-Meta
130

There are two classes of UNI tokens:

  1. Decentralized: These tokens were airdropped or bought on the secondary market, representing a decentralized distribution. They are considered a commodity.

  2. Centralized: These tokens were acquired through fundraising rounds before the airdrop. For instance, A16z holds many tokens because they acquired them via payment in a fundraising round, making these tokens akin to a security.

If the Uniswap Foundation primarily listens to venture capitalists (VCs) who acquired tokens through fundraising, it creates a two-class system: insiders (VCs) and outsiders (airdrop holders and secondary market buyers).

A presumed reason why a VC who owns UNI from a fundraising round might oppose the fee switch proposal is that this proposal introduces a mechanism resembling dividends, further reinforcing the classification of their holdings as securities.

As a result, the real UNI commodity holders, i.e., the airdrop recipients and secondary market buyers, are being disadvantaged.

The Uniswap Foundation appears to be choosing sides.

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