The Uniswap DAO has shown support for a proposal to invest $12 million in Ekubo’s future governance token. The proposal, if passed, would grant Uniswap a 20% stake in the said token.
The proposal was initially perceived to have passed completely, but it only passed a temperature check, which has now been corrected. The investment involves 3 million UNI from Uniswap DAO’s treasury.
Ekubo founder, Moody Salem, characterized this proposal as a crucial step towards the decentralization of Uniswap protocol development. The move would essentially bring the Ekubo team onboard as core developers.
The snapshot vote saw 21 million UNI tokens in favor, accounting for 63% of tokens voted, with five token holders making up 97% of the vote. The total number of votes was over 3,500.
Salem, a former Uniswap engineer and its fifth employee, stated that if the proposal passes, the 3 million liquid tokens will be used to fund Ekubo’s operations and contributions to the Uniswap protocol. Within a month of the proposal’s passage, Ekubo plans to create a governance token, allocating 20% of its supply to Uniswap DAO’s treasury.
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