Uniswap faced with Management Fallout as the top delegate walks away from frustration

One of the top contributing uniswap daos walked in frustration on Monday amid concerns that other stakeholders had so much power in decentralized protocol.

PEPO, a pseudonymous delegate entrusted by other token holders who voted on their name, has participated in Uniswap’s administration since 2023. Wielded 455,000 UNI tokens, making it one of the top 20 largest delegates.

The reason for the removal? Other organizations involved in the operation of Uniswap – especially the nonprofit uniswap foundation – pushed the opinions of DAO members and did not identify feedback, PEPO Says In an x ​​post.

“The foundation’s behavior seems to be the insulation of the collaboration, and in doing so, uniswap can be actively damaged,” Pepo said.

Devin Walsh, executive director of the Uniswap Foundation, did not give CoinDesk a direct comment when asked about the accusation. However, he gave a rebuttal on social media.

“Delegate’s participation is essential to the success of the Uniswap ecosystem,” he he she, ” Says In X. “The Uniswap Foundation seriously their comments.”

Uniswap is the largest decentralized exchange in some $ 4 billion worth of depositsdown 60% from its peak of nearly $ 10 billion total-locking amount during 2021-2022, According to Defillama data.

Like many defi protocols, Uniswap is controlled and managed by a relatively byzantine structure.

The protocol was created by Uniswap Labs, a for-profit company that is also responsible for its continued development. The Uniswap Foundation, a nonprofit, is a duty to support its uniswap and community, while changes in protocol and allocation of resources are regulated by Uniswap Dao, a type of collective crypto governed by UNI token holders.

In March, the DAO granted The foundation of $ 165 million to boost the development and development of the ecosystem. It gave the foundation a command to do some things in pursuit of its goals without consulting DAO directly.

Some, such as PEPO, felt the actions of the Uniswap Foundation put the DAO interests behind themselves and Uniswap lab.

This situation features a continuous struggle to balance the interests of the Defi Protocol token holders along with other stakeholders.

Not the first time

PEPO is not the only one to highlight a detected lack of DAO control over Uniswap.

In October, Billy Gao, vice president of the Stanford Blockchain Club, a Uniswap delegate, Says The sudden decision of the UNISWAP Labs to launch its own blockchain has “raised serious questions about DAO management.”

Gao argued that Uniswap Dao should be told about the blockchain in advance and allowed to weigh the key decisions in its implementation. “It calls the question (once again) how decentralized (UNISWAP) management,” he said.

Uniswap labs do not respond immediately to a request for comment.

Others asked how the Uniswap Foundation uses the funds provided here, and complains that it is not clear enough about spending and decision making.

“Transparency and communication are values ​​that agree with many delegates,” Doo Wan Nam, co-founder of the DAO Governance Solutions Provider Stablelab, a Uniswap delegate, told CoinDesk. “There are improvements.”

On May 1, the Uniswap Foundation responded to criticism by creation A group of foundation feedback, intended to ensure effective communication and strengthen the responsibility between the foundation and the DAO.

In addition, as a nonprofit company, the foundation should be legal I -Publish Its finance.

But the problem is that for some delegates, this is not enough.

“This is a loss for any DAO every time a delegate feels the only way to produce an effect is by lowering,” Paperimperium, management of Uniswap Dao Delegate GFX Labs, told CoinDesk.

Behind the scenes

Some management participants have also complained that many communications and decision -making are happening privately, rather than the public in uniswap management forums.

It will lead to Complaints The main decisions are all agreed with large delegates behind the closed doors before going to a public vote.

It is necessary for proposals to receive a comment level before publicly, Nam said.

This is not the same as traditional management. “Congressmen are not just blind to write bills without talking to -with -the -top stakeholders or other congressmen,” Nam said.

But this is a double blade. Like the elder Daos, there is also a feeling that they are becoming more about politics and showing instead of pursuing the best for protocol.

Multiple Uniswap delegates refused to comment on CoinDesk when asked about Pepo’s complaints.

Read more: Uniswap passes $ 165m funding plan after DAO vote