From my perspective, this proposal suggests that Uniswap should launch an Augur/UMA style human voting oracle in addition to their existing decentralized exchange infrastructure. In my opinion, a token-weighted human voting based oracle mechanism is not ideal for providing decentralized stablecoins the price data they require. Collateralized stablecoins like DAI/RAI (which are backed by ETH and other on-chain tokens) need to be able to liquidate undercollateralized positions in a timely manner for the protocol to stay solvent, otherwise the peg of the stablecoin can break when collateral is less than the debt/stablecoins minted. Augur-style disputes can take days to weeks to resolve, by which point it may be far too late to do anything about the situation, leading to the loss of user funds and a loss of confidence in the stablecoin.
We can imagine a flash crash scenario where the price of a collateral asset drastically falls during a period of extreme Ethereum network congestion. Will UNI holders be incentivized to put the collateral price on-chain in a timely manner when gas fees are 1000+ gwei during a flash crash? What would be the consequences of price data not being posted on-chain within the timeframe required for viable liquidations? A dedicated decentralized oracle network consisting of nodes whose sole business is to provide reliable data even during the worst of network conditions are highly incentivized to post data during these conditions as their long term revenue depends on their personal reputation/performance history and the value of the token they hold and are paid in depend on the reputation/performance history of the network as a whole.
Creating an oracle system requires a lot of resources for development, monitoring, upkeep, and support. Creating an oracle as a side project would siphon resources away from development of the Uniswap DEX, the primary product offering from Uniswap. There are also open questions here such as where the data would be sourced from, how often the price feed should update, how much each token holder should be paid, how much they should be slashed, how forks would be handled from a user’s perspective, how long disputes should last, how a network of voters would be bootstrapped, how users will be onboarded and supported during integration, etc.
In my opinion, using Chainlink as an oracle and using Uniswap as a DEX is the best possible equilibrium where resources aren’t wasted and users are provided the highest quality infrastructure at the lowest cost (economies of scale provided by the Chainlink network through the shared cost model of the reference contracts). If interested, I can provide additional context on the existing cryptoeconomics of the Chainlink network today as there are indeed financial penalties for posting incorrect data.