The votes were staggeringly in favor, but a quorum was not reached, and Uniswap’s second-ever governance proposal has been defeated.

The proposal, submitted by decentralized finance (DeFi) portal Dharma, was to distribute 400 UNI tokens each to 12,619 addresses that interacted with Uniswap through third-party apps. In a surprise airdrop on Sept. 17, over 250,000 addresses that had directly used the token-swap platform were able to claim 400 free UNI, valued at well over $1,000 at the time.

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

If this and a follow-on proposal involving decentralized exchange (DEX) aggregators were to have passed, $40 million in additional UNI would’ve been dished out. However, the threshold for a quorum on the current proposal – 40 million voted UNI tokens – fell short by less than 2.5 million.

The vote rallied protocol politicians on both sides of the aisle in recent weeks, with some arguing that further distributions were only fair and others fearful they would depress UNI’s price.

When asked to comment on the results of the vote, Dharma co-founder Brendan Forster told CoinDesk via email:

STORY CONTINUES BELOW

Recommended for you:

“We thank the Uniswap community for their engagement over the past 6 weeks. While we are disappointed that Prop 2 didn’t pass, we remain committed to being stewards for the Uniswap ecosystem and will continue to engage in governance for the benefit of all UNI holders.”

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.