Uniswap’s proposal to airdrop UNI tokens to customers of proxy purposes like Opyn, Dharma, and others failed.
Voting ended at 4:00 hours EST on Oct. 31.
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Uniswap’s second-ever governance vote for one more airdrop of UNI has resulted in defeat. Lower than 4% of UNI token holders voted, failing to determine a quorum.
Uniswap Vote for Second UNI Airdrop Fails
On Sept. 17, Uniswap launched the UNI governance token and airdropped 150 million tokens to previous Uniswap customers.
The second governance vote on Uniswap sought to increase the airdrop to proxy purposes that use Uniswaps’ trade by way of software program extension. These embrace purposes like Opyn, Monolith, Furucombo, Dharma, and plenty of others.
Regardless of standing in favor—96.7% to three.2%, the vote was defeated as solely 38.eight million votes had been solid, falling beneath the required 40 million to determine a quorum. Proposals may be launched by holders with greater than 1% of the whole provide, and no less than 4% of all token holders should vote.
The full quantity designated for the brand new airdrop was 5,047,600 UNI—2.3% of the whole circulating provide. The addition of recent tokens in circulation raised fears of a worth drop as a consequence of dilution and potential promoting strain from the brand new token holders.
UNI Token Provide Imminent Rise
The value of UNI has been in a downtrend since launch, together with different DeFi tokens. UNI’s worth fell beneath assist at $2.62 on Oct. 29, regardless of the rise in Uniswap’s whole liquidity above $2.5 billion and Bitcoin’s current uptrend.
UNI/USD every day worth chart on Coinbase. Supply: Buying and selling View
Uniswap’s whole liquidity can also be underneath query because the liquidity mining rewards are set to run out on Nov. 17. Liquidity suppliers on the platform could go away as soon as the UNI incentives finish.
Persevering with to supply incentives may be put to a vote as properly.
The neighborhood should determine how finest to distribute 43% of UNI’s whole token provide (r430 million UNI tokens) by way of contributor grants, neighborhood initiatives, liquidity mining, and different applications. Maybe the token holders discover liquidity mining one of the simplest ways to distribute the tokens, which concurrently will increase the protocol’s liquidity.
The governance vote from UNI holders will determine on the additional distribution of those tokens.
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