The Uniswap Foundation proposed a proposal for the holders to vote for a number of governance modifications that the Foundation claims will simplify the community governance process.
Given below are the proposed changes to the community governance process:
Phase 1: Request for Comment (RPC)
- Rename: Temperature Check → Request for Comment
- Removal of Snapshot off-chain vote requirement
- A minimum of 7 days before moving forward
Phase 2: Temperature Check
- Increase the required quorum from 50K to 10M UNI
Phase 3: On-chain Governance Vote
- No changes
Initially, the Proposals Were:
- Temperature Check: A temperature check is accompanied by a 3-day snapshot poll that requires a majority vote of 25K UNI yes-vote threshold.
- Consensus Check: A consensus check is accompanied by a 5-day snapshot poll that requires a majority vote of 50K UNI yes-vote threshold.
- Governance Proposal: The on-chain proposal and vote is the final phase of the governance process. The proposer must have a minimum of 2.5M UNI delegated to their address.
Devin Walsh, executive director of Uniswap Foundation, stated the community should be able to evaluate a proposal, offer feedback, and ask questions within the first stage of the governance process without having to go through the discomfort of one or two off-chain votes.
In order to provide the community enough time to form opinions about the proposal and offer comments, the RFC Phase should span at least 7 days, Welsh added.
The 10M UNI threshold for the Temperature Check phase is set so that lower-quality proposals cannot advance to the final stage, but that higher-quality proposals can still receive enough support to advance to the stage.
According to Walsh, lowering the minimal quorum can significantly lessen the likelihood that poorer ideas will advance to the voting stage. The final governance proposal phase would not alter, nor would its quorum requirement of 40 million UNI.
At the time of writing, the voting on the proposed changes to the community governance process has already surpassed the 40 million UNI quorum.
Voting for the restructuring of its governance began on Snapshot on December 14 and will last for seven days, concluding on December 21. At the time of writing, the Uniswap Foundation’s proposal had received 51 million UNI in favor, with only 51 UNI voting against it.
Also Read:Â Uniswap Community Approves Proposal to Form Uniswap Foundation
