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Uniswap Moving towards 5 Million UNI Airdrop

Popular decentralized exchange Uniswap is reportedly going ahead with its 5 million token airdrop campaign. Since the exchange itself is fully decentralized, a governance proposal will be put forward to the users and they can then vote on it.

The new proposal is being put forward after a non-successful previous governance proposal that failed to bring a consensus on another matter. While the Uniswap system is proving to be very stubborn overall, it is imperative for a consensus-based system. The new governance proposal for the airdrop will be voted on tomorrow. The voting deadline for the cryptocurrency is 8 a.m UTC tomorrow which is October 30, 2020.

Why are Airdrops Important?

Airdrops are overall very useful for a new digital asset. They allow mass ownership of a new token and get people interested in the token’s technology and working. It is basically a process in which Ethereum or Bitcoin wallets are identified holding a minimum amount of balance and then they are sent the airdrop balance. It is not normally worth a lot but it does get the conversation going. Many airdrops have been successful in the history of cryptocurrencies. Uniswap’s airdrop will target wallets held by users at MyEtherWallet, Argent, Dharma, DeFi Saver, Nuo, Eidoo, Opyn, Furucombo, Monolith, and Rebalance.

Will the Uniswap Governance Proposal Pass?

However, not everyone in the Uniswap community may agree to the airdrop itself. If there is no consensus within it in literal term, the move will not get past the voting phase and thus another governance proposal will bit the dust. The main reason why someone will oppose the move is that airdrops can result in existing tokens losing their value because of a sudden new injection into the market. The airdrop itself is being promoted by a savings organization called Dharma which believes it was left out during initial distribution. Dharma now looks to gain new tokenage with the help of this governance proposal.

SpankChain CEO Ameen Soleimani was among the first people to speak out against this retroactive distribution. He, however has decided to vote in favour of the airdrop providing guarantees that it would be the last of its kind of the Uniswap network. It remains to be seen whether the community agrees with him on this point. Other than that, there is generally positive outlook for the new move but it needs to be mentioned that the approval vote will need more than 98% in favour of the airdrop of else it will be cancelled.

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Talha Dar

Talha Dar

Cryptocurrency and blockchain enthusiast. Working on free economy and borderless solution side of things. Live and breathe crypto!


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