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
- Uniswap launches UNI governance token