Share this article
Uniswap's First Governance Vote Ends in Ironic Failure
The vote had been intended to decide whether or not to reduce the threshold required to make and pass proposals on the DeFi protocol.
Updated Sep 14, 2021, 10:11 a.m. Published Oct 20, 2020, 11:00 a.m.
Make us preferred on Google
Governance voting for decentralized finance (DeFi) protocol Uniswap has got off to an inglorious start.
STORY CONTINUES BELOW
- Despite 98% of the votes cast being in favor of a proposed change, the total number needed for a successful vote fell short of the 40 million required by about 400,000.
- The vote had been intended, somewhat ironically, to decide whether or not to reduce the token threshold required to make and pass proposals on the protocol.
- The final tally in the vote ending earlier on Tuesday, stood at 39,596,759 for, and 696,857 against.
- The Ethereum-based protocol utilizes an automated market-making system leveraging liquidity pools so users can exchange or "swap" between ether and any ERC-20 standard token.
- Last month, Uniswap became the first DeFi protocol to surpass the $2 billion milestone in terms of total value locked.
- Currently, only individuals holding 1% of the network's native token, UNI, may initiate proposals.
- A successful vote would have seen this requirement drop by around a third, while only 30 million votes would be needed to see a proposal passed.
- "Disappointing outcome," said Nadav Hollander, CEO and co-founder of crypto lender Dharma, in a tweet because the vote itself demonstrated the need for the proposal.
- Dharma had proposed the changes.
- However, Hollander also said the vote "galvanized users to delegate in much higher numbers," which was a "healthy outcome for Uniswap."
See also: Uniswap Users Have Claimed $560M Worth of UNI Tokens in a Week
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Deus X CEO Tim Grant: We aren't replacing finance; we're integrating it
The Deus X CEO discussed his journey into digital assets, the company's infrastructure-led growth strategy, and why his Consensus Hong Kong panel promises "real talk only."
What to know:
- Tim Grant entered crypto in 2015 after early exposure to Ripple and Coinbase, drawn by blockchain’s ability to improve traditional finance rather than replace it.
- Deus X combines investing and operating to build regulated digital finance infrastructure across payments, prime services, and institutional DeFi.
- Grant will be speaking at Consensus Hong Kong in February.
Top Stories
