The Uniswap community appears to be rejecting a new proposal promoting Flipside Crypto for $ 25 million. The funding is planned for two years – and the arguments against it are numerous.
Many DeFi protocols, such as Uniswap, offer governance tokens with which the participants can participate in central decisions in their network.
The most recent proposal also went to community votes. But before the vote on the proposal could be finalized, Dune Analytics sounded the alarm.
The flipside proposal
The proposal calls for UNI owners to receive $ 15 million in grants from the project’s coffers. If the entire program is successful, an additional $ 10 million will go to Flipside over the next year.
Accordingly, Flipside will invest half of the grant in rewards for new Uniswap users who want to learn all about analytics and DeFi as a whole.
The aim of the rewards is to attract new users and to keep them. Flipside assumes that 900 new members can be won through such a program, who do not pay out the bonuses but stay in the network.
This is not the first such program that Flipside is funding. It also funds others like Yearn or Aave. Another point is that this proposal would allow people to fund the service. Other analytics service providers that might be considered include The Graph and Dune.
Flipside wants to use uniswap governance for educational services
According to the application, Flipside will use half of the grant to run the program. You will pay up to seven employees a full salary and another seven half a salary from the grant. The income from the program then goes into financing.
In addition, Flipside plans to use Uniswap’s governance process to become an official provider of training services. It also expects payments for these services. In addition, the seven members of the committee will generate 30% of the funds received themselves.
The Uniswap community criticizes the new proposal
Another three-person committee will vote on the continuation of the program for another year. All of the committees are from Flipside, which gives the company total power. Given such a structure, many people have expressed concerns about the proposal.
Before this controversy, there was one in July that caused a lot of turmoil in the community. The DeFi Education Fund proposal and its controversy prompted another group to launch an initiative – LeXpunK’s Builder-First Legal Activism DAO.
Many people voted against the proposal after Dune Analytics sounded the alarm. Many agreed that the proposal was wrong – including PartyDAO Compound CEO John Palmer and Dharma & Argent’s wallet teams.
However, it seems that deleting the proposal is not that easy. The people who support it the most are the university blockchain organizations as it is about continuing education.
In addition, many of the top organizations in Standford, UC Berkeley, Michigan, and Penn have pledged their support. So it will be very difficult to cancel the application.
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Last updated on August 23, 2021
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