Uniswap to Conduct On-Chain Vote Despite SEC Scrutiny
The post Uniswap to Conduct On-Chain Vote Despite SEC Scrutiny appeared on BitcoinEthereumNews.com.
Uniswap, leading DeFi exchange, recently revealed that it will be conducting an on-chain vote beginning from May 31 regarding the automation of fees. This decision comes despite the company receiving a Wells Notice from the U.S. Securities and Exchange Commission (SEC) over perceived violations of U.S. securities laws. Also read: Uniswap Has Announced That Candlestick Charts Have Gone Live on the Network The exchange said that this innovative voting mechanism will decrease the strain on Uniswap Governance and, at the same time, preserve the credibility of the DeFi protocol. 🗣️ Next Friday, May 31, the UF will initiate the onchain vote to upgrade the Protocol so that its fee mechanism can reward UNI token holders that have staked and delegated their tokens. If you are a UNI holder who wants to vote on this proposal, you **must** have your UNI… — Uniswap Foundation (@UniswapFND) May 24, 2024 Uniswap Initiates Automated Fee Collection System The vote will focus on the creation of a system to automatically collect and distribute fees in the Uniswap V3 pools. In a blog post, the Uniswap Foundation noted that such a process would help to lighten the load of governance while keeping the integrity of the protocol intact. Only those users who have staked and delegated their UNI tokens will be allowed to vote. Also read: Uniswap Marks $4B Mobile Swaps, Brings L3 Projects Soon The public has also been informed of the vote through the company’s website and social media pages. The foundation also stated that additional voting will be required to fully enable fee collection on Uniswap V3 pools. Uniswap Responds to SEC’s Wells Notice On May 22, the SEC sent a Wells Notice to Uniswap, indicating that its current business model could be considered a violation of U.S. securities legislation. In response, Marvin…
Filed under: News - @ May 25, 2024 10:26 pm