- The Uniswap Foundation seeks to streamline voting in the DAO.
- The proposed proposals aim to improve governance while raising the bar for members to reach.
- The changes by the body behind the popular DEX’s aim to make governance easier.
The decentralized crypto trading platform, Uniswap, is putting to vote several governance changes it said would simplify voting in its Decentralized Autonomous Organization (DAO).
According to the executive director of Uniswap Foundation, Devin Walsh, members of the Uniswap community will have the opportunity to vote on December 14 for a restructuring plan that will improve efficiency for the DAO.
In a Twitter post, the Uniswap Foundation noted:
“In November, we proposed to reduce friction in the Uniswap community governance process. Delegates provided their feedback, and today we plan to hold a vote on these changes.”
The holders of Uniswap’s native token, UNI, can vote on potential adjustments to the protocol, as in the case with the DAOs. Currently, proposals must pass through three milestones which include;
- A ‘’temperature check’’
- which needs a 25,000 UNI quorum in votes across a three-day poll.
- A ‘’consensus check’’ needs 50,000 UNI quorum in votes on an iterated proposal across a five-day poll.
- Proposers must attract 2.5 million UNI in delegations, while the proposal needs 40 million UNI votes to reach a quorum.
However, in the proposed process, the Uniswap Foundation has pitched replacing the first three-day poll with a seven-day ‘’Request for Comment’’ period. Another proposed change would rename the second phase, the’’ consensus check’’ to ‘’temperature check’’ in an amended proposal, which would increase the quorum threshold from 50,000 UNI to 10 million UNI.
Devin Walsh stated in a post that lengthening the first period would allow the community to formulate opinions and provide better suggestions.
Walsh also noted that 37 Uniswap delegates wield more than 2.5 million to vote. It indicates that proposers only need to collect support from two representatives to move their proposals to the final stage.
The executive director also noted that “increasing the quorum to 10 million UNI raises the effectiveness of this phase as a signal for community support.” He further believes increasing the minimum quorum can reduce the chances of lower-quality proposals moving to the final stage. However, the last phase ‘’governance proposal’’ remains unchanged, including its 40 million UNI quorum threshold.
Uniswap Foundation Aims to Make Governance Easier
Uniswap’s trade volume has dropped about 80% since the beginning of the year, but it still handles $900 million daily more than a three-day poll, processing around $200 million. The Uniswap community members have been active in streamlining governance and limiting platform friction. In August, the members voted to create the Uniswap Foundation, especially around high-impact and high-value projects.
The Uniswap Foundation changes got designed to improve ecosystem navigation and provide grants to community initiatives in the coming years. Approximately $1.8 million worth of assistance got disbursed to different projects, spread across three categories: protocol growth, governance stewardship, and community growth.
Noteworthy, Walsh stated:
‘’One of Uniswap’s mandates is to enable better decision-making by the DAO and a pain point that has been the community governance process. We are pleased this proposal has received some feedback from delegates and are excited for these changes to increase the process’s effectiveness and minimize its operational overhead.”
The voting for Uniswap’s Foundation governance went live on Snapshot on Wednesday 14th, lasting seven days, ending on December 21.
