The dream is coming to an end – Uniswap’s governance soap opera is coming to an end. After various attempts, Dharma has finally failed to get new UNI tokens distributed to indirect users of the protocol. Explanations.
The forgotten Uniswap
On 17 September, Uniswap launched its governance token: the UNI. However, many users did not get the expected balance when they logged on to the Uniswap site.
In fact, Uniswap distributed 400 UNIs to all the wallets that interacted with the protocol. However, the distribution did not take into account the wallets that interacted with Uniswap via other applications, such as Dharma or the 1inch.exchange aggregator.
As a result, many users and protocols felt aggregators were aggrieved and tried various remedies.
As a first step, the Dharma protocol published a proposal to amend the Uniswap protocol, aimed at reducing the number of UNIs required to make a proposal, as well as lowering the threshold of UNIs required for a proposal to be accepted. Obviously, this attempt was unsuccessful and many saw it as an attempt to „attack governance“.
The second charge
Having failed to get its first proposal through, the Dharma Protocol has now taken the plunge by proposing to redistribute more than 5 million UNIs to users of the protocols in question.
Once again, although a majority of users voted in favour, the proposal was ultimately not accepted, as it did not pass the threshold of 40 million positive votes, the quorum required to approve a proposal.
It would therefore appear that this matter has been resolved once and for all. Indeed, when the proposal was published, Dharma announced that this was their last attempt and that they would accept the choice resulting from this last vote as final.