A Uniswap proposition, presented by decentralized finance (DeFi) portal Dharma, sought to airdrop 400 UNI tokens each to all 12,619 addresses that connected with Uniswap using third-party apps. While the votes were tremendously in support of the proposal, they failed to attain a quorum and Uniswap’s second governance vote was defeated.
On September 17, in a surprise airdrop, around 250,000 addresses that had made use of the token-swap platform directly had been able to acquire 400 free of charge UNI, which was estimated to be over $1000 at that point.
Approval could have led to a distribution of $40 million additional UNI
$40 million in additional UNI would have been distributed if the surprise airdrop and the ensuing proposition including decentralized exchange (DEX) aggregators had been approved. However, the limit for approval on the present proposition failed to meet the requirement by almost 2.5 million.
The vote assembled protocol politicians on each side of the aisle in the past few weeks, with few contending, continued circulation of UNI was right and others feared that it would lower UNI’s price.
“We thank the Uniswap community for their engagement over the past 6 weeks. While we are disappointed that Prop 2 didn’t pass, we remain committed to being stewards for the Uniswap ecosystem and will continue to engage in governance for the benefit of all UNI holders.”Dharma co-founder Brendan Forster to CoinDesk
Not the First Time for Uniswap
In October this year, Uniswap’s first governance vote had also failed. The official proposal put forward by CEO and co-founder of crypto lender Dharma, Nadav Hollander, read ‘Reduce UNI Governance Proposal & Quorum Thresholds’ and on the conclusion of the vote, reflected a final tally of 39.59 million votes for it and 696k votes against it. So while nearly 98% of the total votes were cast in favor, the vote fell short by about 400,000 (nearly 1% of the vote threshold).
The platform has been doing very well though, adding 1000 token pairs every week as recently as September. Naturally, user caution has been advised.