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Uniswap DAO has backed a proposal to invest 3 million $UNI ($12 million) from its treasury into the decentralized exchange Ekubo in exchange for a 20% share of the governance token.
Ekubo is a decentralized exchange on Starknet that has a value of $2.5m locked into its smart contracts, according to DefiLlama.
“We at Ekubo, Inc. believe this is a vitally important step in the decentralization of Uniswap protocol development, effectively onboarding the Ekubo team as core developers.”
Ekubo founder Moody Salem
The vote included 21 million $UNI tokens in favor of the decision and 12 million $UNI tokens against it. Therefore, 63% of the voting tokens supported this move. Five token holders received 97% of the votes in favor of this decision. In total, more than 3,500 votes were cast.
According to Salem, if the proposal passes the proper vote, 3 million tokens will be used to fund Ekubo’s operations as well as contribute to the Uniswap protocol.
Additionally, Ekubo will create a governance token within one month of accepting the proposal, with 20% of its supply going to the Uniswap DAO treasury. Ekubo will control the remaining tokens and any potential distribution. The token will be native to Starknet. The proposal would also require a Uniswap license upgrade, which would give Ekubo a grant for unlimited use of Uniswap v4.
Previously, the Uniswap crypto exchange introduced a commission of 0.15% for swaps in the web application and wallet. The developers promised to use all proceeds for the development of the platform.
In addition, Uniswap users have discovered a new KYC function that can be implemented in the fourth version of the site update.