Uniswap Foundation Postpones Vote on Incentives, Faces Backlash
- The foundation delayed the vote in response to a stakeholders concern, as revealed on X.
- For a long time, the Uniswap DAO has been considering opening up a fee switch.
The much-anticipated vote on UNI staking and delegation incentives, which was scheduled for May 31, has been postponed by the Uniswap Foundation, the group in charge of the decentralized exchange Uniswap.
The foundation delayed the vote in response to a stakeholders concern, as revealed on X. The decision-making process was delayed as a result of the increased scrutiny and evaluation of the proposal. The decentralized exchange would have been one step closer to triggering its fee switch and rewarding UNI token holders for staking and delegating if the vote had gone in that direction.
Undermining Decentralized Principles
An announcement was made on the Uniswap DAO governance forum by Erin Koen, the lead official overseeing the forum. It was stated that the proposed upgrade, because it is sensitive and irreversible, requires careful consideration and evaluation.
For a long time, the Uniswap DAO has been considering opening up a fee switch, but earlier plans were shelved because of worries about possible infractions of U.S. securities laws. Because of this, it was being very careful and has put off taking any action on this matter.
Moreover, Paradigm partner Dan Robinson blasted the Uniswap Foundation for delaying the vote, saying the organization caved to pressure from an anonymous venture capital company.
A second user questioned if the delay doesnt undermine the concept of decentralized governance, pointing out the situations irony. They made it seem like the anonymous VC firms moves had exposed its heavy hand, which may be a bad thing since it would undermine the decentralized principles.
Highlighted Crypto News Today:
Hong Kong Lists 11 Crypto Exchanges as Prospective for Licensing
Read more: https://thenewscrypto.com/uniswap-foundation-postpones-vote-on-incentives-faces-backlash/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
