The second-ever governance proposal for the Uniswap decentralized exchange (DEX) is more than halfway to reaching a quorum with a little over 30 hours to go. If passed, the proposal will see 12,619 wallet addresses that interacted with Uniswap via a proxy contract receive 400 UNI tokens each. 5.05 million UNI in total will be allocated to the users of MyEtherWallet, Argent, Dharma, DeFi Saver, Nuo, Eidoo, Opyn, Furucombo, Monolith, and Rebalance. The proposal was put forward by Compound-based lending and savings protocol Dharma, who claimed its users felt “left out” by the initial distribution. The cohort of proxies were …

The first governance vote for decentralized exchange Uniswap has ended in failure, despite the proposal attracting overwhelming support of 98% of votes cast. Despite this, it fell roughly 1% short of the 40 million vote threshold needed for approval by the close of voting. The poll ended earlier today, with almost 39.6 million UNI staked in favor, compared to roughly 700,000 opposed. DeFi blogger Danger ”Safetythird” Zhang described the vote as “the DeFi equivalent of winning the popular vote but losing the electoral college.” Ironically, the proposal sought to reduce the number of tokens needed to submit and pass proposals. …

Wootrade, a Taiwan-based liquidity provider platform and crypto asset exchange aimed at institutions, has concluded a $10 million private investment round led by Dragonfly Capital. Investors in the round include crypto notables including Haskey Capital, Three Arrows Capital, and DeFi Capital's venture wing. The newly raised funds will be used to expand the Wootrade team, and to support the launch of future products. The platform is currently in closed beta, where roughly one dozen institutions and early investors are already driving seven-figure spot volumes for crypto assets on behalf of their 65,000 clients. Wootrade expects to fully launch within six …

Decentralized finance (DeFi) platform Uniswap’s governance protocol token UNI went live on Ethereum earlier today. The community showed immediate support for the new token with Uniswap’s Twitter announcement garnering over 1.2 thousand likes in the first 90 minutes. 150 million UNI, or 15% of the token's supply, is now available to be claimed by anyone who has used the platform. Synthetix founder Kain Warwick called the move a “galaxy brain move,” adding that this will be “the best token distribution we have ever seen.” With the news going viral, 13,000 Uniswap users had already claimed their 400 free tokens in …

Curve Finance is currently the third largest DeFi protocol, with a total value locked, or TVL, of $1.1 billion. Recently the community realized that the project's founder, Michael Egorov, had leveraged over 71% of the voting power, ultimately leading to backlash from the community. Andre Cronje, the founder of popular DeFi protocol yEarn.Finance, tweeted: Source: Twitter. The protocol's next vote is scheduled for August 28. While Egorov's share has gone down somewhat, he still controls over 50% of the vote at press time. YFValue was launched last week with a congenital bug that would have allowed its creators to permanently …