Uniswap DAO is conducting a local community survey to invest $twelve million in UNI tokens in exchange for a twenty% stake in Ekubo.
Uniswap DAO is contemplating investing three million UNI ($twelve million) from its treasury in exchange for a twenty% stake in the Ekubo venture, a DEX created on the Starknet platform.
The Uniswap local community accredited the temperature manage proposal “Invest in Ekubo Protocol” with 63.82% votes in favor. Under the proposal, Uniswap will invest three million UNI (well worth around $twelve million) in the Starknet AMM Ekubo protocol in exchange for a twenty% stake in…
— Wu Blockchain (@WuBlockchain) October 29, 2023
Moody Salem, founder of Ekubo, convinces:
“Ekubo believes this is an important step in decentralizing the development of the Uniswap protocol by placing us on the core development team.”
Voting will take spot on the platform Snapshots. So far there have been three,500 votes, of which 21 million UNI (equal to 63%) in favor and twelve million UNI towards. Additionally, five incumbents contributed 97% of the votes in assistance of this move.
If the proposal is accredited, three million tokens will be utilized to fund Ekubo’s operations and contribute to Uniswap. According to Salem, they will target on delivering public goods for the Starknet ecosystem, like conventional contract tokens, governance, and incentives for making use of the Cairo language. From there, the investment will assistance broaden Starknet and improve competitors with other Layer two answers.
At the very same time, Ekubo will develop a governance token inside one particular month of the proposal staying accredited. twenty% of the provide of this token will be allotted to the Uniswap DAO treasury. The remaining sum is underneath the manage of Ekubo and the token will be distributed on Starknet. The proposal also involves Uniswap to improve the license, providing Ekubo limitless use of Uniswap v4.
Salem additional that he was the lead engineer and fifth worker at Uniswap, prior to joining Ekubo. Ekubo is a decentralized exchange on the StarkNet program and reportedly handles $two.five million in TVL DefilLama. However, the proposal has acquired a lot of mixed feedback.
Doo Wan Nam, co-founder of StableLab, Note: “If the plan is approved, I believe Uniswap needs to seriously consider governance roles and responsibilities.”
The Market Maker Wintermute unit is also public oppose the proposalsince in accordance to them the symbolic valuation of up to 60 million bucks is not sensible.
Another marketplace maker, Keyrock, did not assistance this, saying the proposal course of action was as well speedy and not very well imagined out. They want the UNI investment to be accomplished a lot more cautiously, at least in excess of two-three weeks.
On the other hand, Uniswap lately attracted controversy for imposing a .15% “interface fee.” According to the announcement, the platform will charge end users for specific token swap transactions, excluding swaps concerning stablecoins.
Coinlive compiled
Join the discussion on the hottest challenges in the DeFi marketplace in the chat group Coinlive Chats Let’s join the administrators of Coinlive!!