Uniswap

Foundation

The Uniswap Foundation — the organization overseeing the decentralized exchange Uniswap — has postponed May 31’s highly anticipated vote on UNI staking and delegation rewards.&nbsp;
The foundation announced on X that it <a href="https://x.com/UniswapFND/status/1796590521072119927" target="_blank" rel="noopener nofollow">postponed</a> the vote due to a concern raised by a stakeholder. This prompted a more thorough review and examination of the proposal, leading to a delay in the decision-making process.
<h2 data-ct-non-breakable="true" id="the-vote-is-postponed">The vote is postponed</h2>
The vote would have moved the decentralized exchange closer to activating its “fee switch” and giving incentives to <a href="https://cointelegraph.com/uniswap-price-index">UNI </a>tokenholders who staked and delegated their tokens. 
According to Erin Koen, the lead official overseeing the Uniswap DAO governance forum, in an <a href="https://gov.uniswap.org/t/temperature-check-activate-uniswap-protocol-governance/22936/124" target="_blank" rel="noopener nofollow">announcement</a> made on the Uniswap DAO governance forum, the proposed upgrade requires rigorous vetting due to its sensitive and irreversible nature, emphasizing the importance of thorough scrutiny before proceeding.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/d1ab0da4-1dcb-45e2-aa39-aa0200210868.png" alt="" title="">
 <figcaption style="text-align: center;">
 &nbsp; &nbsp;Source: <a href="https://x.com/UniswapFND/status/1796590521072119927" target="_blank" rel="noopener nofollow">Uniswap Foundation</a>
 </figcaption>
</figure>
The Uniswap DAO has been exploring the possibility of enabling a fee switch for several years, but previous proposals have been stalled due to concerns about potential violations of U.S. securities laws. This has led to a cautious approach and delayed progress on this issue.
<h2 data-ct-non-breakable="true" id="community-reactions">Community reactions</h2>
Dan Robinson, a partner at the crypto venture capital firm Paradigm, <a href="https://x.com/danrobinson/status/1796600594440012216" target="_blank" rel="noopener nofollow">criticized</a> the Uniswap Foundation's decision to delay the vote, accusing them of yielding to pressure from another unnamed venture capital firm.
Another user <a href="https://x.com/hdevalence/status/1796601442591256669" target="_blank" rel="noopener nofollow">pointed</a> out the irony of the situation, asking if the delay doesn’t discredit the idea of a decentralized governance system. They implied that the unnamed VC firm’s actions had revealed its significant influence, which could be seen as a mistake, undermining the decentralized values.
<h2 data-ct-non-breakable="true" id="plans-before-postponement">Plans before postponement</h2>
The Uniswap Foundation’s <a href="https://cointelegraph.com/news/uniswap-uni-price-gains-50-after-fee-sharing-governance-proposal">latest proposal</a>, introduced in February, seeks to address previous concerns and has gained community support through an advisory vote, known as a “temperature check,” held earlier this year.
To prepare for the initially scheduled May 31 vote, UNI holders had to delegate their tokens on the platform before the voting went live to participate, the Uniswap Foundation <a href="https://x.com/UniswapFND/status/1794096255590617411" target="_blank" rel="noopener nofollow">explained</a> a week earlier.
The Uniswap Foundation recently <a href="https://cointelegraph.com/news/uniswap-foundation-discloses-holdings-and-grants-commitments">disclosed holding $41.41 million in fiat and stablecoins</a> and 730,000 <a href="https://cointelegraph.com/uniswap-price-index">UNI</a> tokens as of the end of the first quarter. 
According to a publication by the Foundation, it committed $4.34 million in new grants during this period and disbursed $2.79 million in previously committed grants.
Magazine: <a href="https://cointelegraph.com/magazine/altseason-on-the-horizon-sec-targets-uniswap-and-btc-halving-news-hodlers-digest-april-7-13/">Altseason on the horizon, SEC targets Uniswap, and BTC halving news</a>

Uniswap Foundation postpones vote on incentives

Table of Contents

Cointelegraph

Other articles published on Jun 1, 2024

Binance Founder Changpeng Zhao Enters Federal Prison

Uniswap Foundation Delays Vote on Staking Rewards

Stride Protocol Announces Integration with Namada to Build Onchain Data Protection Solutions

GameStop Stock Surges More Than 90% Over the Last 30 Days: Presale Meme Coins Expected to Mirror ...

Ethereum Founder Vitalik Buterin & Others Applauded By MatterLabs Amid ZK Saga

Chiliz Coin Shows Potential for Growth

Join our free newsletter for daily crypto updates!