Despite the fact that 98% of all entries were favorable, DeFi protocol Uniswap’s first governance vote ended unsuccessfully. A total of 40 million votes was required for a successful vote. However, the required number for a winning vote was short by about 400,000.
The purpose of the governance vote was to decide whether or not to reduce the number of tokens required to submit and pass proposals regarding the protocol.
Ending on the 18th of October at 11:57 PM PDT, Uniswap the result of the vote. As stated in the report, the vote conclusion was 39,596,759 For and 696,857 Against.
As it stands, only individuals with 1% UNI may initiate proposals. If the vote was successful, it would have reviewed the requirements, and just 30 million votes would have been needed for passing proposals.
The CEO and co-founder of Dharma, Nadav Hollander, commented on the outcome of the vote in a :
Image Credits: Pixabay
