Uniswap DAO to allocate $50m in tokens to boost adoption: ‘It just made sense’
The vote, which passed on Wednesday with 83% of voters in favour, will allocate 7.5 million UNI tokens to incentivise use of Uniswap’s new fourth version, as well as Unichain, Uniswap’s answer to the growing trend of Ethereum layer 2s.
The cooperative behind top decentralised exchange Uniswap voted on Wednesday to give out some $50 million of the protocol’s UNI token to boost adoption.
The vote, which passed on Wednesday with 83% of voters in favour, will allocate 7.5 million UNI tokens to incentivise use of Uniswap’s new fourth version, as well as Unichain, Uniswap’s answer to the growing trend of Ethereum layer 2s.
“It just made sense from a competitive point of view,” BP, the pseudonymous founder of liquidity management protocol Gamma, a Uniswap DAO delegate, told DL News. “Other decentralised exchange competitors on Base and Arbitrum are offering incentives, and it will take a while for the liquidity on Uniswap V4 to gain traction.” Gamma voted in favour of the proposal.
Uniswap is the biggest decentralised exchange with over $3.9 billion of deposits. It is most successful on Ethereum, but is losing out to newer competitors like Aerodrome on Coinbase’s Base.
Despite launching over a month ago, users have only deposited some $13 million to Unichain — a paltry sum compared to other new blockchains like Berachain that drew in billions when they launched.
