$3b DeFi protocol Uniswap just had its first governance call: here's how it went

Published on by Cryptoslate | Published on

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Yesterday, holders of the UNI coin and other members of the DeFi ecosystem were invited to join an unofficial-though-important Uniswap governance call.

One of the biggest takeaways mentioned online was the fact that the Uniswap team, meaning the legal entity that developed the Ethereum app and owns a large amount of UNI, did not seek to comment that much during the call.

Terms like "We want to be a passive observer" and "We cannot comment on that" were used by Uniswap members that were prompted to speak during the call.

"We want to be a passive observer."Don't think of UNI token as a bet on the Uniswap team" "It's for you the community to decide.

There are concerns that UNI could be seen as a security, or that Uniswap could be deemed illegal by authorities similar to how authorities cracked down on the founder of an Ethereum-based order book decentralized exchange.

The biggest topic on the agenda was the UNI liquidity mining program, which is set to end in a few days and marked a key turning point for Uniswap as it allowed $2 billion worth of liquidity to be deposited.

Once the liquidity mining ends, there is no incentive for the liquidity to stay on the platform, meaning Uniswap could lose dominance should another player step in.

For a brief bit of context, in September, when Uniswap launched the UNI token, they allowed anyone that deposited four types of liquidity to earn UNI tokens passively.

Uniswap may be able to keep a large portion of its liquidity, and by extension, its network effects.

Of note, he purportedly said that the SushiSwap team is not planning on forking Uniswap v3.1) Uniswap Gouvernance call from my perspective to give some perspective & my motivations to attend.