The Proposal
The Uniswap DAO, a prominent player in the world of decentralized finance (DeFi), has offered its significant support for a proposal. The proposal suggests investing 3 million UNI tokens, equivalent to $12 million, into Ekubo, a decentralized exchange (DEX) operating on Ethereum’s Starknet network. In exchange for this investment, Uniswap would receive a 20% share in a future governance token that Ekubo plans to launch. The proposal has garnered attention due to its potential to decentralize Uniswap’s protocol development.
“I see this investment as a vitally important step towards decentralizing Uniswap’s protocol development by incorporating the Ekubo team as core developers,” says Moody Salem, the founder of Ekubo.
This sentiment has resonated with a significant portion of the Uniswap community. Preliminary voting on the Snapshot platform has shown that 63% of participating tokens are in favor of the proposal, with 21 million UNI tokens supporting it.
About Ekubo
Ekubo is a decentralized exchange operating on the Starknet network. It currently has $2.6 million in total value locked (TVL) within its smart contracts. Since its inception in September of this year, Ekubo has experienced consistent growth in TVL.
“We aim to create a governance token within a month of proposal approval, with 20% of the token supply dedicated to the Uniswap DAO treasury,” states the Ekubo team.
Should the proposal proceed through the necessary voting stages, the 3 million UNI tokens allocated for the investment will contribute to funding Ekubo’s operations and further support the Uniswap protocol. In return for its investment, Uniswap will update its license to grant Ekubo unlimited use of Uniswap v4.
However, despite the support for the proposal, some members of the Uniswap community have voiced concerns regarding governance, accountability, and valuation.
