UNI Community Votes On $450M DeFi Organizational Proposal

The UNI community votes on a $450M DEFI organizational proposal that argues decentralized finance is on the menu for regulators and has to be protected legally so let’s read more in our latest cryptocurrency news today.

The student organization called the Harvard Law Blockchain and FinTECH Initiative aims to establish a $25 to $40 million political defense fund on Uniswap’s governance forum and Uniswap is still the leading decentralized exchange in crypto. The users can discuss upgrades, changes or propose new ideas for the community and protocol on the forum. HarvardLawBFI argued:

“The need for such an organization is urgent as governments around the world are awakening to decentralized finance and are rushing to regulate the projects without being properly educated on their benefits. Currently, DeFi is not at the table—but on the menu.”

👀 New Uniswap governance proposal from @HarvardLawBFI

"We should create and fund with 1-1.5M UNI a community-overseen organization that would finance existing and new political groups engaged in crypto policy/lobbying"https://t.co/8wrg8xTC4J pic.twitter.com/u4WsIn9Nh8

— Hayden Adams 🦄 (@haydenzadams) May 27, 2021

Dubbed “Temperature Check-Funding a Political Defense of Defi” the proposal outlines a community overseen organization that will finance existing and new political groups that are engaged in crypto lobbying. HarvardLawBFI even proposed a 1-1.5 million UNI to be put away and the fund will be used to solicit help from effective lawyers, organizers, and more who are quite expensive. The organization argued that the capital in question that is less than 0.25% of the entire treasury should enable the Defi space to counter the massive spending from the traditional finance players.

The group added that the fund will help prepare the regulatory field and tax threats and incentives for other platforms’ communities to join the effort and a little more than half of the voters are for the proposal using 20.73 million UNI tokens of which HarvardLawBFI makes up to 10.45 million. Beyond the price increase, the UNI tokens also allow their holders to take part in the governance of Uniswap by voting on different proposals, and the more tokens you have, the heavier the vote will be.

The UNI community votes but now there are three key phases before the proposal is implemented, Governance Proposal, Consensus Check, and Temperature Check. Robert Leshner who is a co-founder of Defi Compound explained that he supports the idea in general but the description lacks plenty of crucial details and should be clearer.