You’re being lied to about the governance of UNI

February 16, 2023

You’re being lied to about the governance of UNI

@a16z could control 41.5M UNI through 11 wallets, which represents more than 4% of the supply4% is the required amount to pass any proposal 🧵↓

0xb04 sent UNI to 10 wallets, including @a16z

9 wallets ended up with 0.25% of the supply each (2.5M UNI) - a calculated amount 👇

0.25% is required to submit a proposal to the governance of Uniswap

For example:0x3c0 received 2.5M UNI, 1.5M from @a16z and 1M from two wallets.

Those transfers were made over a long timeframe with a clear purpose

All those wallets represent a total cluster percentage of 4.15%

4% is the amount you to achieve a quorum according to @Uniswap governance pageDecentralization, you said?

In summary, those wallets can collectively change the outcome of any governance vote.

Their total power is actually 45M $UNI, far greater than the 15M originally presented.

Concerns about UNI's governance were raised in July 2021 by @cobie

"Decisions are not made by the community, but instead by a handful of power brokers. Centralization often results in nepotism: is this governance theater to extract liquidity from the treasury?"

Check out $UNI on Bubblemaps 👇