Sunday, June 1, 2025
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Dharma Domination Drive Thwarted as Uniswap Vote Concludes

by firstcryptonews
October 21, 2020
in Industry
Dharma Domination Drive Thwarted as Uniswap Vote Concludes

DeFi protocol Uniswap has concluded its first governance vote with a failure to come to quorum by a minuscule margin. The good news is that it keeps the platform relatively decentralized … for now.

The first governance vote for automated market maker Uniswap concluded on October 20 with 98% of the votes in favour of the proposal, but that wasn’t enough to secure it.

As previously reported by CoinGape, the highly-contentious proposal raised a number of centralization concerns as it would effectively grant the most voting power to the largest couple of UNI holders, which were Dharma and Gauntlet at the time.

Crypto trading platform Dharma proposed a reduction of the thresholds for voting and quorum from 1% of the total supply to 0.3%, and 4% of the total to just 3% respectively. It has been reported that Dharma was not happy with the airdrop and distribution of UNI tokens and felt that their users should have got more.

Winning this vote would have enabled Dharma to have more control over the distribution process through subsequent proposals, which it would have won with collaboration from Gauntlet.

A Whisker Short of Winning
In order to seal the proposal, 40 million votes were required but it fell just short with just below 39,600. The majority of those came from just three accounts held by Dharma, Gauntlet, and Yuni.Finance, which is managed by other DeFi whales and big bag holders.

Naturally, the Dharma CEO and co-founder was disappointed with the outcome, almost calling it ‘undemocratic’;

Many simply abstained from voting either not wanting to spend the gas or seeing little point in going against the whales which had the majority.

UNI Price Reaction
UNI prices have retreated around 4% over the past few hours as news of the failed proposal circulates. As with the voting, the largest bagholders have the greatest influence over markets and price action should they decide to sell.

Currently, UNI prices are down over 60% from their peak on September 19. Prices may descend further when yield farming pools expire on November 17 and rewarded tokens flood the markets.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Related Posts

UK Inflation Sees Sharp Drop in July as Core and Services Show Mixed Trends

UK Inflation Sees Sharp Drop in July as Core and Services Show Mixed Trends

by firstcryptonews
August 17, 2023
0

While the easing of headline inflation is welcome news for consumers, experts are paying closer attention to the underlying trends....

Just-In: Panama Plans to Legalize Bitcoin (BTC) and Ethereum (ETH)

Just-In: Panama Plans to Legalize Bitcoin (BTC) and Ethereum (ETH)

by firstcryptonews
September 8, 2021
0

Panama is reportedly working on a crypto regulation that might legalize Bitcoin ($BTC) and Ethereum ($ETH) as legal modes of...

Ex CFTC Chair says Bitcoin ETF would be good for investors and regulators

Ex CFTC Chair says Bitcoin ETF would be good for investors and regulators

by firstcryptonews
July 8, 2021
0

Timothy Massad, former chairman of Commodity Futures Trading Commission (CFTC) has become the latest US regulatory executive to advocate for...

SEC Chair Gary Gensler Testify on GameStop Trading Saga, Talks About Regulating Crypto Market

SEC Chair Gary Gensler Testify on GameStop Trading Saga, Talks About Regulating Crypto Market

by firstcryptonews
May 9, 2021
0

SEC chairman Gary Gensler along with several other financial experts testified before the Financial Services Committee about the recent GameStop...

This is what some economists are getting wrong about Bitcoin

This is what some economists are getting wrong about Bitcoin

by firstcryptonews
March 17, 2021
0

The intrinsic value of an asset determines its long-term existence in the market. The ‘spicy’ flavor is the intrinsic value...

Twitter CEO Jack Dorsey extends Bitcoin emoji until the year 3000

Twitter CEO Jack Dorsey extends Bitcoin emoji until the year 3000

by firstcryptonews
January 6, 2021
0

Jack Dorsey, the CEO of Twitter, officially confirmed on Twitter that the platform has extended the Bitcoin emoji until the...

Next Post
Blockchain tech may reduce nuclear risks: report

Blockchain tech may reduce nuclear risks: report

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Steps To Maximizing Your GameFi & NFT Experience

Steps To Maximizing Your GameFi & NFT Experience

3 years ago
Ripple CEO Brad Garlinghouse Is Sure Facebook’s Libra Won’t Launch Before 2023

Ripple CEO Brad Garlinghouse Is Sure Facebook’s Libra Won’t Launch Before 2023

6 years ago
Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

5 years ago
2spice.link Launches Six Revenue-driven Utilities At A Stretch

2spice.link Launches Six Revenue-driven Utilities At A Stretch

3 years ago
ONSTON Launches NFT Marketplace in OpenSea

ONSTON Launches NFT Marketplace in OpenSea

3 years ago
Grok xAI API Enhances Automation on On-Chain AI Platform Atua AI (TUA)

Grok xAI API Enhances Automation on On-Chain AI Platform Atua AI (TUA)

4 months ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Atua AI Updates Workflow Logic to Support Expanding Business Demands

Atua AI Updates Workflow Logic to Support Expanding Business Demands

May 16, 2025

Press Release

MoonLad Launches: A Meme Token with Purpose, Utility, and Community on the Solana Blockchain

MoonLad Launches: A Meme Token with Purpose, Utility, and Community on the Solana Blockchain

May 31, 2025

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News