The Uniswap Community Voted Against the Initial Protocol Fees

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Last Updated on June 3, 2023 by Bitfinsider

In an initial referendum, community members of the decentralised exchange Uniswap voted against implementing a protocol fee for liquidity providers on the platform.

In the end, the sceptics barely maintained a majority. Approximately 45.3% of token-votes supported the “no fee” option, whereas 54.6% of votes were split between two options to set the proposed fee to either one-fifth or one-tenth of the pool fee across all Uniswap v3 pools.

GFX Labs introduced the proposal last month, arguing that Uniswap was in a “strong position” to implement fees and “prove that the protocol can generate significant revenues.”

Uniswap Foundation Executive Director Devin Walsh said on Twitter that the questionnaire had been posted to get feedback and was not part of a formal governance process.

“In the past, the UF and others have used Snapshots to collect feedback from the community. This is the usage in this case,” she wrote. “If @labsGFX advances to a Temp Check, the Snapshot vote will be included in the Uniswap governance process.”

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