Uniswap, the largest exchange in the decentralized finance (DeFi) sector by trading volume, initiated its second-ever governance proposal recently but it has unfortunately failed to pass. This proposal was put forward by the crypto lending and savings protocol Dharma who said that its users were ‘left out’ in the first governance proposal that was held successfully.
The Quorum could not establish
In order for the second-governance proposal to pass, 40 million votes in the favor of the airdrop were required to complete the quorum. However, the quorum could not establish despite 38.8 million votes that represent a percentage of 96.7% of votes in the favor of this proposal.
The deadline for this proposal was October 31, 2020. One day prior to the deadline date, the proposal witnessed nearly 26 million cast in its favor. However, only around 12 million votes came during the final thirty hours. Just 1.2 million votes were required to complete the 40 million quorum.
In this proposal, a total of 5.05 million in UNI tokens was set for the distribution among those users who had made an interaction with the decentralized exchange Uniswap. The amount was going to be distributed among 12,619 wallet addresses with each wallet address getting 400 UNI tokens. The users were of famous apps such as Dharma, MyEtherWallet, Rebalance, Opyn, Furucombo, Nuo, Eidoo, Argent, DeFi Saver, and Monolith. Dharma wanted to initiate another proposal if it had passed.
Uniswap’s token is surrounded by bearish sentiments
As the 5 million UNI airdrop has ended in a defeat, the native governance token of Uniswap has also plunged down. As per the data from CoinMarketCap, the price of UNI is surrounded by the bearish sentiment. Currently, the coin’s price value is trading down in the bearish zone by nearly four percent in the last 24 hours while trading at around $2.25.
Though Uniswap’s coin is not performing well the decentralized exchange is still dominant in the decentralized finance sector and has a market share of approximately 62 percent. Moreover, it is the only DeFi protocol whose total locked value is above $2 billion ($2.74 billion).