Binance becomes Uniswap DAO's second largest vote holder
Binance can now lobby proposals to the government but still falls short of the 4 per cent quorum required
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According to the on-chain list of delegates, crypto exchange Binance is currently the second-largest entity by voting power in the Uniswap DAO, trailing only the venture capital firm Andreessen Horowitz, or a16z.
On October 18, Binance distributed 13.2 million UNI tokens from its own books. These tokens account for 5.9 per cent of the exchange's voting power. The amount allotted is approximately 1.3 per cent of the entire supply of UNI.
The action will enable Binance to put forth governance proposals because it exceeds a 0.25 per cent threshold but falls short of the 4 per cent quorum needed to pass proposals. The requirement for proposing votes was recently lowered in a governance vote.
Hayden Adams, the CEO of Uniswap, tweeted, "Yesterday @binance delegated 13M UNI from its books, making it one of the largest UNI delegates (this is only 1.3% of current delegated UNI so governance voting power remains quite distributed). Very unique situation, as the UNI technically belongs to its users."
Adams said that "Binance users would prob prefer to keep these gov rights (similar to what compound has done with cUNI)" and that "it's unclear how Binance intends to engage with Uniswap decisions."
