Uniswap DAO Approves $12 Million Investment in Ekubo
The Uniswap DAO has voted in favor of a proposal to invest 3 million UNI tokens (equivalent to $12 million) from its treasury into the decentralized exchange Ekubo. In exchange, Uniswap will receive a 20% share of Ekubo’s governance token. Ekubo is a decentralized exchange built on Starknet and currently has $2.5 million locked into its smart contracts.
“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 saw 21 million UNI tokens in favor and 12 million UNI tokens against the proposal, with 63% of voting tokens supporting the move. If the proposal passes the proper vote, 3 million tokens will be used for Ekubo’s operations and contribute to the Uniswap protocol.
Ekubo will also create a governance token within one month, with 20% of its supply going to the Uniswap DAO treasury. The remaining tokens and any potential distribution will be controlled by Ekubo. The proposal also includes a Uniswap license upgrade, granting Ekubo unlimited use of Uniswap v4.
Hot Take: Expanding Decentralization through Partnership
In a bid to further decentralize its protocol development, Uniswap DAO has approved an investment in decentralized exchange Ekubo. This strategic partnership will provide funding for Ekubo’s operations while allowing Uniswap to become a core developer in their ecosystem. With over 63% of voting tokens supporting the move, this collaboration showcases the community’s enthusiasm for expanding the decentralized finance (DeFi) landscape.
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