Decentralized protocol for ERC-20 tokens exchange Uniswap has failed its first governance voting as the majority of voters did not manage to gain 403 241 votes out of 40 million (approximately 1%).
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The proposal was to reduce thresholds for proposal submission and quorum relative to total delegated UNI. Since the launch of the governance system, there have been discussions on lowering these thresholds to make governance more accessible for everyone.
The community had to decide whether to reduce a threshold from 10 million UNI tokens down to 3 million UNI for proposal submission, and from 40 million UNI to 30 million UNI as quorum.
It was planned that the proposal would help foster a vibrant Uniswap governance process. However, not all agreed upon the announced proposal as the voting eventually failed to gain just 1% for approval.
The proposal initiator, a lending platform Dharma's CEO Nadav Hollander already named the result of voting "a disappointing outcome."
In September, Uniswap became the first decentralized finance (DeFi) project with more than $2 billion in value locked.
Uniswap currently has $2.71 billion in total value locked (TVL), according to DeFi Pulse.
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