A current publish from Glassnode has referred to as Uniswap’s decentralization into query, whereas insinuating that the platform’s builders may need deliberately misled the neighborhood about how the group’s allocation of UNI tokens will vest over time.

Uniswap’s group, traders, and advisors have been allotted 40% of all UNI tokens, with 21.51% of that determine going to the latter two. Plainly the distribution of those tokens, which was meant to happen over 4 years, at the moment lacks a public schedule nevertheless. It additionally seems that the group and investor tokens aren’t locked. Glassnode elaborated:

“Whereas the distribution schedule pictured above reveals them vesting steadily, the tokens allotted to the Uniswap group and traders are at the moment held in common Ethereum addresses (i.e. externally owned addresses, or EOAs) with no switch restrictions. In distinction, the governance treasury tokens are locked up in sensible contracts and will likely be launched programatically over time.”

Glassnode additionally criticized the challenge’s governance, noting that to be able to submit a proposal, one must possess at the very least 1% of the whole UNI provide. As the whole provide has not but been launched into circulation nevertheless, Glassnode signifies that this threshold is definitely 8% of the at the moment circulating provide.

The publish additional concluded that the one entity who at the moment has sufficient UNIs to submit a governance proposal seems to be Binance, “a centralized change in direct competitors with Uniswap”:

“Because of this, until somebody can foyer 10 million UNI price of delegated voting energy and at the very least 40 million votes, community-led governance is basically inconceivable in the meanwhile.”

Decentralized governance seems to current an actual problem for even probably the most established of DeFi initiatives.

Cointelegraph has reached out to Uniswap for remark however has not acquired response in time of publication.