Uniswap establishes a new fund “full of doubt”, the community argues about negotiating with 7 NFT lending

Despite more than 99% of the votes in favor, the centrality of the Uniswap Foundation (UF) is still controversial. The move to contact 7 NFT lending continues to stir the community.

Vote for “nearly” absolute support for Uniswap Foundation

The end of the vote, the decision to open a fund worth $74 million has just ended. Former Uniswap Labs CEO Devin Walsh, now CEO of the UF Foundation, shared the results of the proposal to establish the fund that was ‘passed in the final vote’ last night (August 24).

According to the initial proposal, aiming to streamline the Uniswap Grant Program (UGP) and optimize the project management system, Uniswap opened a vote to establish the Uniswap Foundation (UF). ).

Specifically, the UF Foundation received the support of more than 86 million votes, equivalent to 99% of the total votes in favor of the proposal, with only 770 votes against. Votes were in favor of defiance as the original proposal met with mixed community reactions at the time of its initial publication on August 5.

Voting time took place from August 17 to 12:19 (GMT+7) on August 24, done on Uniswap’s application. Voters need to own UNI tokens to participate in voting. The vote to pass requires a minimum of 40 million votes in favor of UF.

Thus, a fund named Uniswap Foundation (UF) proposed by two former Uniswap Labs executives will be realized, accompanied by a declaration of independence from Uniswap Labs.

Walsh says that UF has already begun to launch its top priorities, including interviewing talented, value-matched candidates to join the team, expanding UGP, and strengthening the governance function. .

According to Uniswap Foundation’s ‘job board’ category, the fund is looking for a Community Leader, Partnership Leader, Governance Team Leader, Sponsorship and Lead Analyst, Communication Team Leader communications and finance as well as the Protocol and Developer Relations Team Leader.

Decentralization controversy

The easy victory for the pro-UF side casts doubt on the extent to which Uniswap controls the community over decisions.

Chainlink Community Ambassador – ‘ChainLinkGod’ with 150,200 Twitter followers, commented that Uniswap’s decentralized autonomous organization (DAO) should be the one to “determine how the funds are used” rather than being a centralized fund.

Another opinion even argues that the voting results are essentially just a vote of “whales”. Because the top 20 addresses accounted for 81.57 million votes, or 99.7% of the tokens used to vote on the proposal.

UF founders Walsh and Ken Ng, who plan to build a team of 12 people, have requested $74 million from the treasury of the Uniswap DAO, which currently holds more than $3 billion in UNI tokens.

Of the $74 million, the UF fund plans to distribute $60 million to UGP and the remaining $14 million to the operating budget.

Uniswap negotiates 7 NFT lending

Recently, Uniswap is said to be negotiating with 7 NFT lending platforms to expand the financial space. This move received two different opinions. Some affirms in favor of seeing this as a step to strengthen the future of the DeFi field. On the contrary, another department questioned the motive for Uniswap’s interest in NFT finance, saying that the exchange was looking for “holes” to liquidate to get maximum profit from investment participants.

However, the above suspicion is completely grounded because Uniswap’s action took place in the context of NFT BendDAO lending like a “slow bomb” of the NFT market due to a liquidity crisis.

See also: NFT lending platform BendDAO faces the risk of “bank run” when ETH reserves suddenly decrease

On the other hand, the fact that Uniswap is setting its ambitions in the NFT segment, when acquiring the Genie marketplace in addition to the establishment of the Uniswap Foundation, is also a part of increasing efforts to promote this field.

A few weeks after this announcement, Scott Lewis himself went on to announce that Uniswap plans to introduce NFT with integration with the Sudoswap platform, allowing anonymous interactions around the sale of NFTs and the creation of tokens. NFT liquidity pool.

Uniswap is the world’s largest decentralized exchange (DEX) by trading volume. Since its inception in November 2018, the protocol has supported a cumulative trading volume of over $1 trillion, with daily volumes often rivaling that of centralized exchange Coinbase.