Uniswap founder asks how to use 500 million funds? Community suggests: Buy up SUSHI for a forced merger!
Hayden Adams, the founder of decentralized exchange platform Uniswap, tweeted today that there is a total of 500 million equivalent UNI in the UNI treasury for community governance. Adams is seeking input from the community to explore any unexpected ways to distribute these funds.
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How Will $500 Million Be Used
~$500M worth of UNI has already vested to the Uniswap governance community treasury out of $4b total (based on current price)
What are some of the most impactful ways governance can allocate this UNI?
Dream big ๐
โ hayden.eth ๐ฆ (@haydenzadams) January 18, 2021
According to the token distribution rules of UNI, 43% of the total supply of UNI (approximately 430,000,000 UNI) will be reserved for the community treasury and used to reward community contributors, community proposals, liquidity mining, and other initiatives. During the first four years of the token issuance cycle, a certain amount of UNI will be allocated to the community treasury each year, starting from 172 million tokens in the first year (40% of 430 million UNI) to 43 million tokens in the fourth year (10% of 430 million UNI).
After the tweet was posted, Hayden Adams received various suggestions from the community. Some people requested Uniswap to conduct a second UNI airdrop to new users who had not previously claimed the airdrop, while others requested Uniswap to burn 90% of the governance tokens directly. Of these suggestions, those from Cihan Oztunc, Product Manager at the New York Stock Exchange, Emiliano Bonassi, Co-founder of Marquet Exchange, and Decentralized Finance (DeFi) analyst Samuel Shadrach were particularly noteworthy.
Cihan Oztunc suggested that Uniswap establish a venture capital firm to invest funds in promising new cryptocurrency projects, while Emiliano Bonassi believed Uniswap should use the funds to invest in second-layer scaling solutions to accelerate development in this area. The most unique suggestion came from DeFi commentator Samuel Shadrach, proposing that Uniswap acquire a significant portion of the circulating supply of SushiSwap's SUSHI token to force a merger between the two platforms.
https://twitter.com/SamuelShadrach4/status/1351259056409772032
However, despite many people offering suggestions in the comments under the tweet, Hayden Adams had not responded to any suggestions by the time of publication.
Scam Airdrop Activities
It is important to note that while many community members were requesting an official airdrop, a fake Uniswap account was also circulating phishing messages online. A Twitter account almost identical to the official Uniswap account stated:
"Uniswap will launch an airdrop activity with MetaMask and MyEtherWallet, distributing 2.5 ETH."
Upon verification, the official account had not launched this activity. The fake account had tens of thousands of followers and often retweeted tweets related to Uniswap, creating a high level of authenticity that could easily deceive people. Investors should not fall victim to scams due to greed.