Uniswap

This proposal lowers the UNI proposal submission threshold from 10M UNI to 2.5M UNI.

Uniswap’s governance system currently has a high threshold of 10M votes for proposal submission. As mentioned in Dharma’s earlier proposal, there have been discussions on lowering thresholds to make governance more accessible.

Since that original proposal, the number of delegated votes has increased from ~80M to ~170M, making it much easier to reach the quorum threshold of 40M votes. However, the UNI token price increase over the past 6 months has made the proposal submission threshold extremely difficult to achieve for one individual.

The Fish.vote team has prepared a new proposal in line with Dharma’s original motivations: making governance more accessible, while still ensuring that Uniswap governance is not subject to unilateral deleterious actors. We propose a threshold of 2.5m UNI for proposal submission, and keeping the existing 40M quorum threshold. Though this proposal threshold is still quite high, we believe in making small, conservative changes in the right direction.

In order to reduce these thresholds, a new GovernorAlpha contract is required. We have chosen to use the same smart contract code from Dharma’s original proposal with these new values. To that end, we have deployed a new contract which contains the following changes:

• proposalThreshold has been modified from 10_000_000e18 to 2_500_000e18, i.e. from 1% to 0.25%.
• 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 is a conservative step in the right direction for UNI governance, and one that creates a more accessible governance ecosystem. We hope this is the first of many improvements that Fish.vote can be a part of.