Uniswap Foundation Postpones Vote on Fee Switch Activation

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by Giorgi Kostiuk

2 years ago

Made with AI

The Uniswap Foundation has chosen to postpone a highly anticipated vote that was set to propel the decentralized exchange nearer to enabling its "fee switch" and offering rewards to UNI token holders who had staked and delegated their tokens. This delay, as explained by the foundation, stemmed from a concern raised by one of the stakeholders regarding the proposal, prompting a more thorough review by the foundation. Erin Koen, the lead official governing the foundation, highlighted the importance of careful examination due to the irreversible and sensitive nature of the proposed upgrade.

Koen mentioned that a stakeholder recently raised an issue requiring additional scrutiny on their part. Nonetheless, the stakeholder's identity and the specific concern were not disclosed. Following the announcement of the vote postponement, the value of Uniswap's UNI token plummeted by over 7% to $9.95. Before this, the token had witnessed a 20% surge in anticipation of the vote that pledged significant rewards for UNI investors.

The Uniswap DAO has been deliberating the activation of a fee switch for years, with previous proposals facing delays mainly due to concerns of violating US securities laws. The latest proposal, authored by the Uniswap Foundation, aimed to mitigate these worries and received support from the community in an advisory vote known as a "temperature check" earlier this year.

In response to the delayed vote, Dan Robinson, a partner at crypto venture-capital firm Paradigm, criticized the foundation's decision, denouncing it as giving in to pressure from an undisclosed venture-capital firm. This stance has stirred dissatisfaction among certain members of the crypto community. Robinson expressed disappointment at witnessing a major VC entity attempting to manipulate and stall the token governance process for their personal gain.

Despite this setback, the cryptocurrency realm eagerly awaits updates on the fee switch proposal and its potential implications for UNI token holders, expected to be provided by the Uniswap Foundation.

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