Uniswap DAO has backed a proposal to invest 3 million UNI ($12 million) from its treasury into the decentralized exchange Ekubo in exchange for a 20% share of the governance token. Ekubo is a decentralized exchange on Starknet that has…
Uniswap DAO has backed a proposal to invest 3 million UNI ($12 million) from its treasury into the decentralized exchange Ekubo in exchange for a 20% share of the governance token.
“We at Ekubo, Inc. believe this is a vitally important step in the decentralization of Uniswap protocol development, effectively onboarding the Ekubo team as core developers.”
Ekubo founder Moody Salem
According to Salem, if the proposal passes the proper vote, 3 million tokens will be used to fund Ekubo’s operations as well as contribute to the Uniswap protocol.
Additionally, Ekubo will create a governance token within one month of accepting the proposal, with 20% of its supply going to the Uniswap DAO treasury. Ekubo will control the remaining tokens and any potential distribution. The token will be native to Starknet. The proposal would also require a Uniswap license upgrade, which would give Ekubo a grant for unlimited use of Uniswap v4.