Uniswap Foundation postponed the vote on incentives
The Uniswap Foundation – the organization that oversees the decentralized exchange Uniswap – has postponed the vote on UNI's share and proxy awards to May 31.
The foundation has announced that it has postponed the election due to concerns raised by one of the stakeholders. This led to extensive review and vetting of the proposal, delaying the decision-making process.
The election has been postponed
The vote was to activate the decentralized exchange's “payment switch” and provide incentives to UNI tokenholders who shared and delegated their tokens.
Erin Coyne, the lead official overseeing Uniswap's DAO governance platform, said in an announcement on Uniswap's DAO governance platform that due to its delicate and irreversible nature, the restructuring requires strict scrutiny.
Uniswap DAO has been exploring the possibility of enabling a payment exchange for several years, but previous proposals have been shelved due to concerns about possible violations of US securities laws. This has led to a cautious approach and delayed progress in this matter.
Community response
Dan Robinson, a partner at crypto venture capital firm Paradigm, criticized the Uniswap Foundation's decision to delay the vote and accused unnamed venture capitalists of exerting pressure.
Another user pointed out the irony of the situation and asked whether the delay undermines the idea of a decentralized governance system. He pointed out that the actions of the unnamed VC firm had a significant impact, which was seen as a mistake, undermining its decentralized values.
Plans before it's too late
The Uniswap Foundation's latest proposal, submitted in February, seeks to address earlier concerns and received community support in a “temperature” advisory vote earlier this year.
The Uniswap Foundation announced a week ago to prepare for the originally scheduled May 31 vote.
As of the end of the first quarter, the Uniswap Foundation announced that it has held $41.41 million in fiat and stablecoins and 730,000 UNI tokens.
The foundation released $4.34 million in new grants and $2.79 million in existing grants during the period.
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