- Uniswap will hold a vote for the DAO on December 14th.
- Protocol’s governance would no longer need the use of off-chain “snapshot votes.”
The decentralized autonomous organization that runs Uniswap, one of the most popular decentralized places to trade cryptocurrencies, is holding a vote on a set of governance reforms that the Uniswap Foundation claims would simplify voting.
According to a post by the foundation’s executive director Devin Walsh. Uniswap will hold a vote on a reorganization package to “improve efficiency and efficacy” for the DAO on December 14th.
Improved Governance
Most significantly, Uniswap governance would no longer need the use of off-chain “snapshot votes” before on-chain voting. According to Walsh’s blog, this would significantly increase the hurdle for passing preliminary votes. And “prevent lower quality proposals” from passing. The on-chain votes that ultimately accept or reject proposals will function in the same way as they always have in governance.
Members of the Uniswap community have been working hard to reduce protocol friction and improve governance. In an attempt to strengthen the group’s treasury management community, they resolved to establish the Uniswap Foundation back in August.
The first proposal for a fee swap was submitted in July and proposed charging nominal fees for access to certain Uniswap liquidity pools. Members, however, favored postponing a vote on this delicate matter in order to gather more information and consider all of their options.
The original intent of the aforementioned protocol fee was to promote self-sufficiency. The precise % amount would be hardcoded into the non-upgradeable core contracts as part of this functionality.
In the event of its success, the present valuation of the procedure would provide annual revenue of about $15 million, or 314 times profit. Furthermore, even if there is no staking mechanism in place, the benefit from the fee swap still contributes to the protocol.
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