Stanford’s cryptocurrency governance director, Billy Gao, recently expressed doubts about the decision-making process behind the launch of Unichain, a Layer2 network by Uniswap. He stated that Unichain did not seek the consent of DAO members throughout the entire launch process, which goes against the decentralized spirit of blockchain and may also involve hidden transactions or improper relationships with Optimism.
(Unichain’s launch after UNI takes off? Over $360 million in annual fees directly given to Uniswap holders)
(Background: UNI surges 18%! Uniswap launches its own L2 “Unichain”, contradicting Vitalik Buterin’s prediction from two years ago)
On October 10th, the leading decentralized exchange Uniswap announced the launch of Unichain, a Layer2 network designed for DeFi. Unichain aims to be decentralized, fast, cost-effective, and allows for multi-chain swaps. Currently, Unichain is available on the testnet, and the mainnet is expected to be launched later this year.
Uniswap’s move raises concerns about decentralization
However, the recent launch of Unichain has sparked dissatisfaction among UNI token holders, as Uniswap did not seek the opinions of the Uniswap community or conduct a voting process throughout the announcement and launch of Unichain. This goes against the decentralized spirit of blockchain.
In response, Stanford’s cryptocurrency governance director, Billy Gao, published a tweet on October 20th expressing the community’s opposition. Billy Gao explained that the community is pleased with Uniswap’s continued innovation, but they are disappointed that as DAO members and UNI token holders, they were not given the opportunity to express their opinions during the entire release process of Unichain. This not only deprives them of their governance rights in the DAO but also potentially misses the chance for the community to provide valuable suggestions for Unichain.
Uniswap’s questionable relationship with Optimism?
On the other hand, Billy Gao also expressed doubts about why Unichain adopted the OP Stack technology for its development. He wrote:
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