Uniswap

Uniswap’s governance system currently has high thresholds for proposal submission and quorum relative to total delegated UNI. Since the launch of the governance system, there have been discussions on lowering these thresholds to make governance more accessible.

Having followed these discussions from the beginning, Dharma has prepared a proposal that we think achieves the goal of making governance more accessible, while still ensuring that Uniswap governance is not subject to unilateral deleterious actors. We propose a threshold of 3m UNI for proposal submission, and 30m UNI as quorum.

In order to achieve this reduction in thresholds, a new GovernorAlpha contract is required. To that end, we have deployed a new contract which contains the following changes:

• quorumVotes has been changed from 40_000_000e18 to 30_000_000e18, i.e. from 4% to 3%.
• proposalThreshold has been modified from 10_000_000e18 to 3_000_000e18, i.e. from 1% to 0.3%.
• a public __acceptAdmin() function has been added, allowing the contract to claim ownership over the Timelock contract once setPendingAdmin has been executed.
• timelock and uni are now declared as constant instead of via assignment to storage slots during contract construction, as their values are not modifiable after deployment (and use of immutable would necessitate a major Solidity version bump and corresponding refactor of already well-audited code).

We believe this proposal will help foster a vibrant Uniswap governance process, and we are excited to participate in these governance decisions.