Dharma, an open-source lending platform, which is also one of the top governors of Uniswap (UNI), as its one of the biggest holders of UNI token (Dharma reportedly holds over 15m UNI in one address alone), floated a proposal it claims is designed to foster inclusivity in the Uniswap ecosystem.
Dharma on Monday proposed to lower the threshold for submitting a proposal to alter the network from 10 million UNI (about $31 million, or a tenth of the market cap) to 3 million (about $1 million). It also wants to lower the amount of UNI the community must stake to pass a vote from 40 million UNI (~$120 million) to 30 million (about $90 million).
1/ We have made the first proposal to @UniswapProtocol's new governance system: Reduce UNI Governance Proposal & Quorum Thresholds
TL;DR: We propose a threshold of 3m UNI for proposal submission (down from 10m), and 30m UNI as quorum (down from 40m).https://t.co/MDZkTfwMYt
— Dharma (@Dharma_HQ) October 12, 2020
David Felton, an active Uniswap community member has strongly kicked against Dharma’s proposal via his Medium blog post, arguing that the proposal is a threat to Uniswap sovereignty, as its success will ultimately increase the power of Dharma and Gauntlet over Uniswap and make it easier for them to meet the quorum threshold with their combined 30m UNI holding.
Also, DeFi Watch founder Chris Blec claims to have been blocked by Dharma after questioning the motives behind the proposal.
I criticize nearly every DeFi project.
But only 1 has blocked me on Twitter.
Why has Dharma blocked me?
Because I've been critical of their plans to partner w/ Visa and take over Uniswap governance with the goal of furthering their own business interests.
DeFi fail. pic.twitter.com/i8azPHSe8v
— Chris Blec (@ChrisBlec) October 13, 2020