Cryptocurrencies

The Uniswap Foundation, the organization that oversees the decentralized exchange Uniswap,

The Uniswap Foundation, the organization that oversees the decentralized exchange Uniswap, has postponed the upcoming vote on Friday, March 31 on UNI rewards and delegation rewards.

By Circular

The vote has been postponed

The vote would have brought the decentralized exchange closer to being able to “switch fees” and offer incentives to UNI token holders who staked and delegated their tokens.

According to Erin Quinn, the lead moderator overseeing the Uniswap DAO Governance Forum, in an announcement made during the Uniswap DAO Governance Forum, the proposed upgrade requires rigorous review due to its sensitive and irreversible nature, highlighting the importance of careful review before continuing.

Source: Uniswap Foundation

Uniswap DAO has been exploring the possibility of allowing the fee change for several years, but previous proposals were blocked due to concerns about potential violations of U.S. securities laws. This has led to a cautious approach and delayed progress on this issue.

Community reactions

Dan Robinson, a partner at Paradigm, a cryptocurrency venture capital firm, expressed disagreement with the Uniswap Foundation’s decision to postpone the vote and accused it of giving in to pressure from another company venture capitalist, which he did not name.

Another user pointed out the irony of the situation, wondering if the delay is distorting the idea of ​​a decentralized system of government. They suggested that the actions of the unnamed venture capital firm revealed its significant influence, which could be seen as a mistake, undermining decentralized values.

Plan before postponing

The latest proposal, presented by the Uniswap Foundation in February, aims to allay previous concerns and received community support through an advisory vote, known as a “temperature check,” which took place earlier this year.

To prepare for the vote scheduled for May 31, UNI holders had to delegate their tokens to the platform before the start of voting to participate, the Uniswap Foundation explained a week ago.

The Uniswap Foundation recently revealed that it owned $41.41 million in fiat, stablecoins, and 730,000 UNI tokens at the end of the first quarter. According to a Foundation article, it allocated $4.34 million in new grants during this period and disbursed $2.79 million in previously committed grants.

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