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.
According to Devin Walsh, executive director of the Uniswap Foundation, during the initial stage of the governance process, the community should be able to analyze a proposal, provide input, and ask questions without having to go through the unpleasantness of one or two off-chain votes.
According to Welsh, the RFC Phase need to last for a minimum of seven days in order to ensure that the community has sufficient time to reflect on the plan, during which they may also give feedback.
The barrier of 10 million UNI for the Temperature Check phase is designed in such a way that ideas of lesser quality are prevented from advancing to the final stage, but suggestions of better quality are still able to gain sufficient support to progress to the stage.
According to Walsh, reducing the number of people required to constitute a quorum may considerably reduce the possibility that proposals of lesser quality will be put to a vote. There would be no change to the final governance proposal process, nor would the quorum requirement of 40 million UNI change.
At the time this article was written, the required number of UNI votes for a quorum had been reached in the vote on the proposed modifications to the community governance procedure.
Voting for the reorganization of its governance got under way on Snapshot on December 14, and it will continue for a total of seven days, coming to a close on December 21. At the time this article was being written, the proposition put out by the Uniswap Foundation had garnered 51 million UNI in support, with just 51 UNI being cast in opposition.
Compiled by Coinbold