A current publish from Glassnode has referred to as Uniswap’s decentralization into query, whereas insinuating that the platform’s builders would possibly have deliberately misled the community about how the team’s allocation of UNI tokens will vest over time.
Uniswap’s team, traders, and advisors have been allotted 40% of all UNI tokens, with 21.51% of that determine going to the latter two. It appears that the distribution of those tokens, which was meant to happen over 4 years, at the moment lacks a public schedule nonetheless. It additionally seems that the team and investor tokens aren’t locked. Glassnode elaborated:
“While the distribution schedule pictured above shows them vesting gradually, the tokens allocated to the Uniswap team and investors are currently held in regular Ethereum addresses (i.e. externally owned addresses, or EOAs) with no transfer restrictions. In contrast, the governance treasury tokens are locked up in smart contracts and will be released programatically over time.”
Glassnode additionally criticized the mission’s governance, noting that with a purpose to submit a proposal, one must possess not less than 1% of your entire UNI provide. As your entire provide has not but been launched into circulation nonetheless, Glassnode signifies that this threshold is definitely eight% of the at the moment circulating provide.
The publish additional concluded that the one entity who at the moment has sufficient UNIs to submit a governance proposal seems to be Binance, “a centralized exchange in direct competition with Uniswap”:
“As a result, unless someone can lobby 10 million UNI worth of delegated voting power and at least 40 million votes, community-led governance is essentially impossible for the time being.”
Decentralized governance seems to current an actual problem for even essentially the most established of DeFi initiatives.
Cointelegraph has reached out to Uniswap for remark however has not acquired response in time of publication.