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Uniswap Foundation Delays Vote on UNI Staking and Delegation

Uniswap Foundation

The Uniswap Foundation, the group managing the distributed exchange Uniswap that has been under massive community anticipation, has delayed the voting till Friday on UNI staking and delegation.

Community Concerns and Governance Issues

It shared the vote through an X post that was in reaction to a concern posted by one stakeholder with the aim of extending the assessment and analysis of the proposal as well as the time taken to make the decision.

The vote would have made the once dispersed exchange closer to flipping on what it calls the ‘fee switch’ and compensate UNI token holders who staked and relayed their tokens.

Erin Koen, the lead official who has been formally in charge of the Uniswap DAO governance forum, stated in an announcement on the forum before actions are taken that the proposed upgrade area is significant and emergent and should be investigated more thoroughly before taking forward movements because of irreversibility.

In particular, the Uniswap DAO has indeed explored the possibility of a fee switch over the years; however, prior proposals have been set aside due to possible securities law infringements in the USA. The politics involved have also made the process slow and rather reserved.

This Might Interest You: UniSwap ‘Fee Switch’ Decision Postponed

Another CEO who expressed his discontent is Dan Robinson, a partner of Paradigm, a crypto venture capital firm that invests in digital currencies, sharing his opinion on the Uniswap Foundation’s decision to postpone the voting which, in his opinion, the foundation decided to give in to pressure from another unidentified venture capital firm.

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One user noted that the delay is rather paradoxical, and they asked if this delay negates the purpose of distributed government. In a similar manner as the previous responses, this shows that users of the service perceive a number of inconsistencies, which they are willing to discuss. Some of them conveyed the message that the operations performed by the unidentified VC company exhibit their tremendous impact, which will be a mistake that undercuts the distributed beliefs.

Unveiled in February by the Uniswap Foundation, the new plan aims to address previous concerns and has gained community support by way of an ‘advisory poll’ also known as the ‘temperature check’ earlier this year.

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