The nonprofit organization supporting the decentralized exchange protocol Uniswap has revealed it held $41.41 million in fiat and stablecoins and 730,000 UNI tokens as of the end of the first quarter of the year, while unveiling plans for a critical governance vote.
According to an announcement form the Uniswap Foundation, on May 31 there’ll be an on-chain vote concerning a proposal to establish a new fee mechanism for Uniswap v3 liquidity pools, in a major step toward the implementation of autnonomous fee collection and distribution.
If approved, control of the UniswapV3Factory contract would shift to a dedicated V3FactoryOwner contract, but fees wouldn’t yet be activated and would be addressed in a future proposal.
Traditionally, Uniswap’s fee revenue has been directed entirely towards liquidity providers who contribute assets to the platform. The new proposal seeks to distribute fees among UNI token holders who actively participate in governance by staking or delegating their tokens.
Notably, the Uniswap Foundation reiterated its commitment to implementing the fee switch despite a recent Wells notice from the U.S. Securities and Exchange Commission (SEC).
Issued in April, the SEC’s notice alleges that Uniswap functions as an unregistered securities exchange and broker, potentially violating securities laws. Uniswap Labs, the primary developer behind the protocol, maintains that the SEC lacks jurisdiction due to the decentralized nature of Uniswap.
The SEC has been investigating Uniswap Labs since 2021, and the decentralized exchange has previously delisted certain tokens in response to mounting regulatory pressure.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/may/27/
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