Despite the fact that 98% of all entries were favorable, DeFi protocol Uniswap’s first governance vote ended unsuccessfully. A total of 40 million votes was required for a successful vote. However, the required number for a winning vote was short by about 400,000.
The purpose of the governance vote was to decide whether or not to reduce the number of tokens required to submit and pass proposals regarding the protocol.
Ending on the 18th of October at 11:57 PM PDT, Uniswap reported the result of the vote. As stated in the report, the vote conclusion was 39,596,759 For and 696,857 Against.
As it stands, only individuals with 1% UNI may initiate proposals. If the vote was successful, it would have reviewed the requirements, and just 30 million votes would have been needed for passing proposals.
The CEO and co-founder of Dharma, Nadav Hollander, commented on the outcome of the vote in a tweet:
“A disappointing outcome that demonstrates the impetus for the proposal in the first-place: Despite the voting having 85+% turnout (!), >95% support, with 272 voting FOR and 48 voting against, the vote still failed.”
However, Hollander said that the vote “galvanized users to delegate in much higher numbers.” Generally, the CEO sees the vote outcome as an advantage to Uniswap.
In late September, Unisawp exceeded the $2 billion milestone in total locked value. The achievement made Uniswap the first DeFi protocol to hit the milestone.
Image Credits: Pixabay
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