The first vote for the decentralized exchange administration Uniswap ended in failure, despite the fact that the proposal received 98% of the votes cast. In any case, it is down 1% from the threshold of 40 million required for approval at the end of voting.

The poll ended this morning, and nearly 39.6 million members voted for it against 700,000 against. DeFi Danger blogger “Safetythird” Zhang described the vote as “equivalent to DeFi winning the vote but losing the Electoral College.”

Ironically, the proposal was intended to reduce the number of codes required to submit and submit proposals. It was proposed by UNI’s main code holder, open source lending protocol, Dharma.

Currently, proposals can only be submitted by organizations that own at least 1% of the total UNI proposal (10 million UNI, worth approximately $ 30 million), and need more than 40 million votes (worth $ 130 million) to accept them. The United States of America). The DHARMA recommendations would lower the limits so that UNI holders of at least $ 3 million ($ 9 million) could propose updates, and would require only 30 million support votes ($ 100 million) to accept the proposal.

In response to the vote, Dharma chief and co-founder Nadav Hollander described the result as “a disappointing result that first and foremost shows the impetus for the proposal”.

However, the Dharma proposal was not fulfilled by everyone in the DeFi room, and critics pointed out that if only two objects were moved, Dharma and the basic Gauntlet blockchain would have the number of tokens required to find a quorum between them. Dharma currently controls 15 million UNIs in one place.

Source: CoinTelegraph