Uniswap Foundation Postpones Vote on Incentives Amidst Criticism and Decentralisation Concerns

The Uniswap Foundation has decided to postpone the highly anticipated vote on UNI staking and delegation rewards, originally scheduled for May 31. This delay comes after a stakeholder raised concerns, prompting a more thorough review of the proposal before proceeding with the decision-making process. The proposal aims to activate a "fee switch" and provide incentives to UNI token holders who stake and delegate their tokens. However, criticism has arisen, with some accusing the foundation of yielding to pressure from an unnamed venture capital firm, raising questions about the decentralised governance system. Despite these challenges, the foundation's latest proposal, introduced in February, has gained community support through an advisory vote earlier this year. UNI holders had prepared for the vote by delegating their tokens on the platform. As of the end of the first quarter, the Uniswap Foundation held $41.41 million in fiat and stablecoins and 730,000 UNI tokens, with commitments to new grants and disbursements totaling millions of dollars during this period.