Binance Chairman Explained: We do not use Uniswap (UNI) tokens to vote and control project governance
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Answer Binance Chairman Explained: We do not use Uniswap (UNI) tokens to vote and control project governance
After Binance became the second largest entity by voting power in governance organization Uniswap DAO.
Uniswap CEO Hayden Adams tweeted describing the situation as unique while noting that UNI technically belongs to its users.
Binance was accused of using user funds to amass governance voices.
Uniswap CEO Blasts Binance:
Tell Adams said it was unclear how cryptocurrency exchange Binance was dealing with Uniswap’s decisions and argued that Binance users would prefer to retain these government rights, citing Compound’s action with cUNI.
Binance has used 13.2 million UNI from its own portfolios, and it currently holds 5.9% of the platform’s voting power behind venture capital giant a16z, which controls 6.7%.
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The amount allocated is approximately 1.3% of UNI’s total supply.
This amount will allow Binance to submit governance proposals as it exceeds the necessary 0.25% threshold.
Despite this, it failed to achieve the 4% quorum required to pass the votes.
The move was seen as one of the biggest wrestlers among central crypto exchange Binance for control of the world’s leading decentralized exchange by positioning itself as the second strongest voting member of DAO Uniswap.
Binance clarifies its position:
Binance disclosed that 4.6 million UNI was transferred between internal Binance wallets, causing UNI to be immediately and automatically authorized.
The platform confirmed that it was not its intention and said the team is in talks with Uniswap to clarify the best path forward and prevent this misunderstanding from happening again.
CZ, CEO of Binance, later explained:
That Binance does not vote in users’ currencies and the popular platform Uniswap has misunderstood the situation.
UNI was moved between internal Binance wallets, causing UNI to be automatically delegated.
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This is part of their protocol, not ours.
The team behind Uniswap Labs recently secured $165 million in a Series B funding round led by Polychain Capital and Andreessen Horowitz (a16z).
The platform has revealed plans to deploy newly raised capital for NFT investments and developer tools.
Earlier this year, Uniswap’s cumulative trading volume since its inception exceeded $1 trillion.
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