Binance ranks second in voting power at Uniswap DAO | The Financial Express

Binance ranks second in voting power at Uniswap DAO

According to Cointelegraph, on October 18, 2022, Binance delegated 13.2 million UNI tokens by itself which represented 5.9% of the voting power

Binance ranks second in voting power at Uniswap DAO
Uniswap unveiled on October 13, 2022, about a $165 million Series B funding round led by Polychain Capital with additional existing investors

Cryptocurrency exchange Binance is reportedly the second-largest platform by voting power in the Uniswap DAO, being behind venture firm Andreessen Horowitz (a16z), insights provided by the on-chain list of delegates showed, as reported by Cointelegraph.

According to Cointelegraph, on October 18, 2022, Binance delegated 13.2 million UNI tokens by itself which represented 5.9% of the voting power, a percentage of tokens delegated to the exchange. In comparison to the total supply of UNI, the amount delegated showed 1.3%.  It is believed that the move will permit Binance to propose governance votes, as it crossed the limit of 0.25%, but is still under the four percent quorum required to pass votes. 

On the basis of information by Cointelegraph, on Twitter, Hayden Adams, CEO, Uniswap, described the change as a unique situation, on account of UNI technically belonging to its users. Adams also made the claim that regarding the uncertainty around Binance’s intentions to engage with Uniswap decisions, stating that Binance users would prefer to prefer to keep hold of these gov rights. Adams also called for Changpeng “CZ” Zhao, CEO, Binance, to speak on the company’s plans on account of transparency. 

Moreover, Cointelegraph noted that Uniswap unveiled on October 13, 2022, about a $165 million Series B funding round led by Polychain Capital with additional existing investors, including Andreessen Horowitz, Paradigm, Variant and SV Angel. It is believed that the funding will be directed towards expansion of its existing product offerings and improvement in user experience through web applications, developer tools and a shift towards mobile. Reportedly, the decentralised exchange reached prominence during the decentralised finance hype in 2020. The cumulative trade volume of Uniswap went past $100 billion for the first time in February, 2021. Insights by Adams showed that that the cumulative volume of the platform’s trading has increased to $1.2 trillion.

(With insights from Cointelegraph)

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First published on: 20-10-2022 at 11:32 IST