Yearn Finance founder nominates self as Uniswap delegate

Yearn Finance founder Andre Cronje places himself up as a delegate for Uniswap hoping to affect the governance of the protocol.

In a tweet, Cronje stated he “will construct tooling to facilitate delegation, off-chain voting, and on-chain enforcement” if made a delegate. He added:

“At this level, I don’t suppose it needs to be a rush to incentivize liquidity swimming pools (this may be abused). I imagine we’ve a chance to re-evaluate the tokenomics and distribution. We may also help DAI or sUSD attain peg. We are able to present help for additional improvement.”

Uniswap announced it desires to herald a “various and high-quality set of protocol delegates” who will talk about governance points over the protocol and its token UNI. Based on the community, this governance construction permits UNI holders to be liable for guaranteeing the protocol meets compliance requirements. Uniswap management already promised that they would not participate within the protocol’s governance.

As quickly as Cronje introduced his intention to be a Uniswap delegate, followers requested if it as his intention for the YFI-ETH pool to be included within the UNI liquidity pool. He said:

“At the moment, no, it could appeal to YFI holders to offer liquidity as a substitute of utilizing it for its meant function (reminiscent of governance). I imagine there’s higher worth add that may be finished for the general ecosystem by using UNI incentives in different proposals. So as to add onto this, there are additionally different market incentives that may assist the general ecosystem higher. A DAI:sUSD pool for instance may also help each DAI and sUSD pegs. Merely incentivizing liquidity just isn’t a optimistic sum, this may also be simply abused as “exit” liquidity.”

Cronje beforehand confirmed some disdain over the state of the decentralized finance, or DeFi, sector as Yearn shunned releasing a governance token for its decentralized lending platform.

Inside three hours of Uniswap releasing UNI, 13,000 Uniswap users immediately claimed their free 400 UNI. Binance and OKEx both listed UNI and the token has emerged as one of the top 20 DeFi tokens.

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