Updated on September 01, 2023 04:00 PM
A portion of the tokens assigned to the exchange, 13.2 million UNI tokens, or 5.9% of the total voting power, were delegated by Binance.
On October 18, Binance distributed 13.2 million UNI (UNI) tokens from its own books. These tokens account for 5.9% of the exchange's voting power. According to the on-chain list of delegates, cryptocurrency exchange Binance is currently the second-largest entity by voting power in the Uniswap DAO, trailing the venture capital firm Andreessen Horowitz, or a16z. The amount allotted approximately 1.3% of the entire supply of UNI.
The requirement for proposing votes was recently lowered in a governance vote. Although the move exceeds a 0.25% threshold and falls below the 4% quorum needed to pass votes, it will still allow Binance to propose governance votes. The shift is a "very unique situation, as the UNI technically belongs to its users," Uniswap CEO Hayden Adams wrote on Twitter.
Adams asserted that it's unclear how Binance plans to interact with Uniswap judgments, stating that “Binance users would prob prefer to keep these gov rights (similar to what compound has done with cUNI).”
Changpeng "CZ" Zhao, CEO of Binance, was also contacted by Adams to discuss the company's plans "in the spirit of transparency." At the time this article was published, CZ had not responded to any queries from either Adams or other users.
Uniswap revealed a $165 million Series B funding round on October 13 with additional previous investors Andreessen Horowitz, Paradigm, Variant, and SV Angel. Polychain Capital served as the round's lead investor. The cash, according to the business, will be used to develop new online applications, developer tools, and a move toward mobile in order to enhance user experience and broaden its current product offerings. Additionally, the business plans to start nonfungible tokens (NFTs) initiatives in the future.
Adams further stated that the platform's total trading volume has reached $1.2 trillion and that the decentralized exchange rose to prominence in 2020 during the decentralized finance craze. In February 2021, Uniswap's total transaction volume reached $100 billion for the first time.
On October 18, Binance distributed 13.2 million UNI tokens from its own books, which account for 5.9% of the exchange's voting power in the Uniswap DAO.
According to the on-chain list of delegates, the venture capital firm Andreessen Horowitz (a16z) holds the highest voting power in the Uniswap DAO, making Binance the second-largest entity.
Binance's allocation of 13.2 million UNI tokens represented approximately 1.3% of the entire supply of UNI.
The requirement for proposing votes in Uniswap governance was lowered in a recent governance vote. Although the change did not meet the 4% quorum needed to pass votes, it exceeded the 0.25% threshold, allowing Binance to propose governance votes despite objections.
Uniswap CEO Hayden Adams described the situation as "very unique" because the UNI tokens technically belong to Binance's users. He suggested that Binance users would likely prefer to retain governance rights, similar to what Compound has done with cUNI.
At the time the article was published, Changpeng "CZ" Zhao had not responded to inquiries from either Hayden Adams or other users about Binance's plans with its UNI tokens.
On October 13, Uniswap announced a $165 million Series B funding round. Primary investors in this round included Andreessen Horowitz, Paradigm, Variant, SV Angel, with Polychain Capital serving as the lead investor.
Uniswap plans to use the funds to develop new online applications, developer tools, and enhance the user experience, including a move toward mobile. Additionally, the company intends to initiate nonfungible tokens (NFTs) projects in the future.