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YFI founder moved to Uniswap Delegate (UNI)

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YFI founder moved to Uniswap Delegate (UNI)

YFI founder moved to Uniswap Delegate (UNI)
CONTENT

  • André Cronier announced his candidacy for the post of delegate in the Uniswap community

  • The new Uniswap governance token was born just a few days ago and has already generated huge interest

  • Those who hold (or delegate) a sufficient number of UNI tokens will be able to submit proposals for improving the operation of the protocol

International consortium of news organizations developing transparency standards.

André Cronier announced his intention to become a Uniswap delegate. Delegates with community support will be able to participate in the development of the project

YFI founder moved to Uniswap Delegate (UNI)

The founder of the hugely popular YEARN Finance protocol identified several issues at Uniswap that need to be addressed through a governance process. These include re-evaluating the tokenomics and distribution of the UNI token, as well as supporting other projects that may be of interest to the platform..

DeFi Celebrity Wants to Contribute to Uniswap Development

The launch of the UNI token became one of the most high-profile events in the cryptocurrency industry last week. At first, the value of the token fell, because those who were waiting for the free distribution began to cash out profits. However, soon the selling pressure intensified and the price resumed its aggressive growth..

Platform users received 400 UNI tokens for free, in just a few days their value exceeded $ 3400. As of this writing, UNI has a market capitalization of over $ 470 million. Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More is trading at $ 4.96. However, the price previously peaked at $ 8.62.

The new token will provide additional incentives for those providing liquidity on Uniswap. In addition, its holders will be able to participate in the management of the platform. However, in order to submit a proposal, you need to control at least one percent of the total issue. In other words, users will have to delegate their tokens to get the required quota..

André Cronier was among those who want to take a direct part in the life of the Uniswap platform. The founder of YEARN Finance tweeted this:

I would like to signal my intent to be a @UniswapProtocol delegate

YFI founder moved to Uniswap Delegate (UNI)

I will build tooling to facilitate delegation, off-chain voting, and on-chain enforcement

You can delegate via etherscan; https://t.co/32rV3h1ZRO

Delegate to 0x2D407dDb06311396fE14D4b49da5F0471447d45C pic.twitter.com/bUIuGoegMx

– Andre Cronje (@AndreCronjeTech) September 19, 2020

In the thread mentioned above, Cronje also stated that the platform should not rush into incentives for liquidity pools. He is confident there are other possibilities for improving the protocol. These include a revaluation of UNI tokenomics and distribution, as well as efforts to bring stablecoins like DAI and sUSD back to pegged values..

Cronje’s electoral platform threw UNI even higher

The decision of such a famous person in the DeFi industry to become a Uniswap delegate has inspired and excited the market. Cronje is best known for his work on the YEARN Finance protocol. His Automated Profitable Farming Optimizer was a hit this summer.

Cronje inspired the cryptocurrency industry by launching the YFI token without pre-mining or any kind of reward for himself. This “fair launch” later became an example for other teams experimenting with different token distribution models, including Uniswap..

YFI founder moved to Uniswap Delegate (UNI)

At the time of launch, YFI was worth less than $ 700, and on September 13, its price recorded an all-time high of $ 42,000. The fabulous profitability of the token is due to both the community’s interest in YFI and its incredibly low emission of only 30,000.

Based on Cronier’s tweets, the developer will be a popular candidate for delegation of authority. If he is trusted with enough tokens, he can influence the trajectory of Uniswap..

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