The community’s voice within crypto ecosystems has never been more relevant and is leading a fresh approach to Decentralized Finance (DeFi). The power of voting within the crypto communities is reshaping the sector and influencing the operations of leading DeFi platforms such as Uniswap, MakerDAO, and Synthetix.

By democratizing decision-making processes, these platforms allow users to determine the path forward, reflecting the core ethos of blockchain and DeFi: decentralization.

Crypto Community Decisions in Uniswap’s Development

Uniswap, a top decentralized crypto exchange, witnessed an intriguing development when its community voted against a proposal to charge liquidity providers (LPs) fees.

“We propose implementing a protocol fee equal to ⅕ of the pool fee across all Uniswap v3 pools and turning on the fee switch for Uniswap v2. The scope of this proposal is to implement a fee for Uniswap pools, implement a system to claim earned fees, and trustlessly sell the fees earned for an asset designated by the UNI community,” reads the proposal.

The snapshot poll concluded with over 45% of participants voting against the fee. On the other hand, the remaining votes were divided amongst varying fee suggestions.

The vote highlighted how user sentiment is becoming the main driving force behind changes on DeFi platforms. Despite LPs being large market makers and vital to the protocol’s functioning, the community’s vote reaffirmed their exempt

Go to Source to See Full Article
Author: Bary Rahma

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details