Uniswap’s First Governance Proposal Fails

By Abhimanyu Krishnan | News | 20 Oct 2020

The voting period for Uniswap’s first governance proposal ended on October 19, with it failing to pass as the total number of votes failed to reach the quorum threshold.

While the vast majority have voted in favor of the proposal, it has failed to reach the minimum threshold of 40 million UNI
At 39,596,759 UNI, the proposal is just over 3,200 UNI shy of passing
The proposal was put forward by Dharma on October 13, seeking to reduce the quorum and proposal submission levels to encourage more democratic participation
Dharma and Gauntlet were the biggest contributors towards the vote
Despite the proposal’s failure, Dharma co-founder and CEO Nadav Hollander was optimistic about the result, saying that it had encouraged more people to participate
Some community members have criticized the proposal as being favorable towards whales, but only 696,857 UNI has been staked to prevent the change