Decentralized exchange Uniswap is currently undergoing its first governance vote, which was submitted by open-source lending protocol Dharma. But a number of community members have raised concerns that if successful, the proposal will hand Dharma too much control over the future direction of Uniswap.
The proposal, for which voting ends on October 19, suggests a reduction in token governance and quorum thresholds. This potentially gives the top holders — of which Dharma is one — significant power over decisions regarding Uniswap.
Currently, Uniswap governance requires proposal submitters to hold 1% of the total delegated UNI supply (10 million tokens), with a quorum of 4% (40 million UNI) required to pass a proposal. Dharma has proposed to lower these thresholds to 0.3% and 3% respectively.
A recent blog post written by community member David Felton — better known as Hiturunk in the Uniswap Discord channel — delves into why the proposal