Uniswap Community Adopts New Protocol’s Governance Proposal

Key Points:

  • The Uniswap community has approved a proposal for new protocol governance.
  • This alternative would make changes to the governing structure in an effort to improve its efficiency.
The Uniswap community voted unanimously to make adjustments to the voting mechanism in an effort to eliminate issues about protocol governance after a week-long referendum.
Uniswap Community Adopts New Protocol's Governance Proposal

The Uniswap community has approved a proposal for a new protocol to control the protocol’s implementation. To make system administration less cumbersome and more efficient, the Uniswap community on December 21 voted to implement a plan to modify the protocol’s voting procedure.

The most notable shift is the addition of off-chain voting to complement on-chain voting. On-chain votes add information to the Ethereum blockchain, whereas off-chain votes survey the community at large, although both need UNI token contributions from voters. reach an initial consensus on how they feel about the plan. A vote that is cast off-chain will be carried out before it is recorded on the main chain.

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According to Uniswap Foundation director Devin Walsh, this alternative would strive to alleviate inefficiencies in the governance system by making adjustments like raising the number of delegates or the number of UNIs represented to vote and decreasing the number of votes inadequate support for a proposal’s passage.

“Off-chain votes are intended to show the community that there is open agreement on a particular idea. The research showed that only one off-chain vote was necessary to gain this advantage.”

Uniswap Community Adopts New Protocol's Governance Proposal

On the other hand, Uniswap is not the only effort aiming toward the creation of a more radical environment for DAO governance. The Waves blockchain project, which has recently been embroiled in controversies (including a warning from Korean exchanges over the USDN stablecoin’s depeg), presented a prototype earlier this month. The project has been beset by scandals recently. It is imperative that the new DAO be managed effectively and that individuals be informed about the impending airdrop.

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