Uniswap has fallen some 60% from its peak to now $3 from close to $8 just two weeks ago.
It fell by more than 10% just today with its market cap at half a billion on a circulating supply of 182 million.
A governance proposal now wants to add another 10% to that supply, or some 15,679,200 UNI tokens, worth about $50 million at the current price.
A defi dapp Dharma says application integrations and DEX aggregators were unintentionally excluded from last month’s Uniswap airdrop so they should be compensated.
Things like Kyber and other dapps use MetaMask but kind of in the background, so Dharma is arguing those users should receive the 400 UNI tokens too.
This proposal was made on the 24th of September, days after the airdrop, with Dharma at the time stating “our personal opinion is that both cohorts were likely unintentionally excluded and ought to be compensated.”
It’s only now however that the voting threshold has been reached, as such Dharma stated:
“We are pleased to learn that there is a sufficient amount of UNI delegated to allow a vote to now pass. Additionally, Dharma is now the #1 delegate in terms of UNI and, with 15.4M UNI of backing, are able to deploy the first proposal as we please.
The delegate distribution, however, is fairly concentrated amongst the top 3 delegates: Dharma, Gauntlet, and Univalent.
Before we go and bring the proposal to a vote, we want to invite our colleagues at Gauntlet and Univalent to air any blocking concerns with this proposal in this thread.”
Plenty argued that there should be no such airdrop with some wondering where the uni would come from. The Treasury was the suggested answer.
Those are vested, but the proposal had some support with it unclear whether it will pass.
In addition there’s hope 0.05% of transactions charged in fees are to go to uni holders but apparently there’s a 180 days hold period since V2 of Uniswap launched in August.
It’s unclear how that 0.05% would be distributed, but volumes at Uniswap have dropped considerably from $1 billion to now $280 million.
That’s still close to $1 million a days in fees however, but its effect on price would be a lot slower than a sudden insta airdrop.