Making Protocol Fees Operational: Fee options for V3

Funding a Political Defense of DeFi

[Temperature Check] Which bridge should Uniswap v3 use for cross-chain governance messaging between Ethereum and BNB Chain?

# Deploy Uniswap V3 on BNB Chain
# Description
**0xPlasma Labs** is submitting a Governance Proposal to deploy Uniswap v3 to BNB Chain on behalf of the Uniswap Community. The [temperature check](URL:https://snapshot.org/#/uniswap/proposal/0xa3c7247632d3a08e4e73a63867908d0cd4402f48fa673945f93e3197dee5450a) passed with **20M (80.28%) YES** votes and 4.9M (19.72%) NO votes. Here is a link to the [Proposal Discussion](URL:https://gov.uniswap.org/t/rfc-update-deploy-uniswap-v3-1-0-3-0-05-0-01-on-bnb-chain-binance/19734) on Uniswap Governance Forum.

# Proposal
This proposal will authorize [0xPlasma Labs](URL:http://plasma.finance/) to deploy the [Uniswap v3 protocol](URL:https://github.com/Uniswap/v3-core) to the BNB PoS Chain on behalf of the community. We believe this is the best moment for Uniswap v3 to deploy on BNB PoS Chain, for many reasons (one of them is License expiration).

## About BNB Chain
[BNB Chain](URL:https://bnbchain.org/) is a decentralized, public blockchain that operates using a proof-of-stake (PoS) consensus mechanism. It is designed to support the development and deployment of decentralized applications (dApps) and decentralized finance (DeFi) projects and is powered by the Binance Coin (BNB) token. BNB Chain is operated by Binance, a leading cryptocurrency exchange and blockchain technology company, but is open to participation and contributions from a global community of developers, users, and stakeholders.

1. BNB Chain has a large and growing user base, providing a potential new market for Uniswap v3.
2. BNB Chain offers high transaction speeds and low fees, making it a suitable platform for Uniswap’s decentralized exchange services.
3. Deploying to BNB Chain could help Uniswap to tap into the growing popularity of DeFi in the Binance ecosystem.
4. BNB Chain offers unique features such as staking and cross-chain support that could enhance Uniswap v3’s functionality.
5. BNB Chain’s strong governance model and active community could provide valuable support and feedback for the development of Uniswap v3.
6. Binance, the company behind BNB Chain, has a strong track record of supporting and promoting high-quality projects, potentially providing valuable exposure for Uniswap v3.
7. Binance has a global presence and a strong brand, which could help increase awareness and adoption of Uniswap v3 among retail and institutional investors.
8. Binance offers a range of products and services that could be integrated with Uniswap v3, such as the Binance Smart Chain and Binance DEX.
9. Deploying to BNB Chain could provide opportunities for collaboration and partnerships with other projects on the Binance ecosystem.
10. BNB Chain strongly focuses on security and compliance, providing a safe and trusted environment for Uniswap v3 to operate.
11. BNB Chain has a robust ecosystem of dApps and DeFi projects, providing potential opportunities for collaboration and co-development.
12. BNB Chain’s support for on-chain governance could enable Uniswap v3 to adopt a more decentralized and community-driven development model.
13. BNB Chain’s support for decentralized autonomous organizations (DAOs) could enable Uniswap v3 to adopt a more decentralized and community-driven business model.
14. BNB Chain’s strong emphasis on community engagement and participation could provide valuable support and feedback for Uniswap v3.
15. BNB Chain’s commitment to regulatory compliance could provide valuable support for Uniswap v3 as it seeks to expand into new markets and jurisdictions.
16. BNB Chain’s support for tokenization and digital asset management could enable Uniswap v3 to offer new services and features for users.
17. BNB Chain’s a fast-developing ecosystem of decentralized finance dapps and assets.

> [DeFi Llama](URL:https://defillama.com/) has the overall TVL of DeFi at $49B, of which **$29B** is on Ethereum. The second largest is [BSC](URL:https://defillama.com/chain/BSC) at **$5B**. Pancake Swap has $2.35B in TVL. Dune reports BSC as having 753k weekly users. It is a significant number of users Uniswap should be pursuing.

## Security & Bridges
Since the [Temperature Check](URL:https://snapshot.org/#/uniswap/proposal/0xa3c7247632d3a08e4e73a63867908d0cd4402f48fa673945f93e3197dee5450a), we have discussed with stakeholders within the Uniswap ecosystem, who have expressed a desire to see trust-minimized bridges used for governance for the new Uniswap v3 deployment on BNB Chain. On the [Governance Forum](URL:https://gov.uniswap.org/t/rfc-update-deploy-uniswap-v3-1-0-3-0-05-0-01-on-bnb-chain-binance/19734), teams presented several bridge solutions: [DeBridge](URL:https://debridge.finance/), [Celer](URL:https://www.celer.network/), [Wormhole](URL:https://wormhole.com/), [Layer Zero](URL:https://layerzero.network/). Based on the technical assessment of presented bridges by 0xPlasma Labs, GFXLabs, Uniswap Foundation and Uniswap community discussion, we've decided to move forward with another [Temperature Check](URL:https://snapshot.org/#/uniswap/proposal/0x6b8df360fdf73085b21fdf5eef9f85916fbde95621a3d454cb20fbe545ffc852) regarding Bridge Infrastructure for BNB Chain, where we listed all four candidates.

As a result of a very [complex discussion](URL:https://gov.uniswap.org/t/rfc-update-deploy-uniswap-v3-1-0-3-0-05-0-01-on-bnb-chain-binance/19734) and voting on the [Snapshot](URL:https://snapshot.org/#/uniswap/proposal/0x6b8df360fdf73085b21fdf5eef9f85916fbde95621a3d454cb20fbe545ffc852), the community chose the [Wormhole](URL:https://wormhole.com/) bridge for the Uniswap v3 deployment on BNB Chain (**with 28M votes**), the second place in the vote was taken by the solution from the Layer Zero team (**17M votes**).

**Here is some major security characteristic of Wormhole bridge:**

1. **Does the bridge support arbitrary message passing?** Yes, Wormhole is one of the first and longest-serving arbitrary messaging protocols. Since launching on mainnet in August 2021, 185 million messages have been transmitted, with [2 million messages](URL:https://wormhole.com/stats/) currently generated daily between asset transfers and messaging through organic usage.
2. **Is the bridge secured by a trusted entity, by a multi-sig, or a protocol/set of incentivized nodes?** Wormhole is secured by 19 validators (aka: Guardians) who jointly attest to messages. Each message must be attested by at least 13 of the 19 Guardians. Our Guardian set comprises the leading PoS validators, including Staked, Figment, Chorus One, P2P, and more. The complete set of current validators can be found [here](URL:https://wormhole.com/network/). As mentioned above Wormhole is making significant progress in developing ZK-based light clients to facilitate completely trustless message-passing.
3. **Does the bridge leverage the security of the source chain (e.g. Ethereum L1) or destination chain, or is the security provided by another third-party entity?** Wormhole message security waits for both consensuses to be reached on the source chain as well as additional safety features provided by the bridge. Additionally, Guardians run full nodes to protect the protocol against consensus-level exploits in the connected chains and further reduce contagion risk.
4. **Is it possible for a fraudulent message to be passed to the destination chain? If so, are there any recall mechanisms?** All messages passing through Wormhole require a minimum of observation and signing by a majority of the Wormhole Guardian set (13 of 19). While there is currently no out-of-the-box recall mechanism for messages, a minority (7 of 19) Guardians may refuse to sign a fraudulent message and thwart an attack. Simple yet customized message recall functions can be built by individual integrators. An integrator would build “edge contracts” to introduce a time delay on message acceptance, providing an integrator with an opportunity to recall the message before it becomes effective.
5. **What are the ramifications of fraud to the malicious actor?** Wormhole’s Guardians are leading [PoS validators](URL:https://wormhole.com/network/) and some of the most respected names within the validator community. They collectively represent tens of billions in value staked and carry valuable reputations in the communities where they serve. Should they act maliciously (such as a sign or forge fraudulent messages), they risk reputational consequences, external PoS businesses, and ejection from the Wormhole Guardian set. There is little incentive for an individual Guardian to act maliciously. Even if a Guardian were to succeed in forging a fraudulent message, it would not affect the network state because a single signature isn’t enough to establish the super-majority required to gain a quorum. Finally, a fraudulent message would be immediately attributable to the offending Guardian to the rest of the Guardian network.
6. **Has the bridge code been audited? By a third party? What attack vectors and vulnerabilities were identified, if any? Have the identified vulnerabilities been remedied?** The bridge has been audited 25+ times by leading audit firms, including Certik, Trail of Bits, and OtterSec, and the cohort of auditors continues to grow. You can see the complete list of auditors and publicized findings [here](URL:https://github.com/wormhole-foundation/wormhole/blob/main/SECURITY.md#3rd-Party-Security-Audits). Those 25 audits are in addition to Wormhole’s already rigorous internal auditing standards, where a team of 6 experienced security engineers regularly perform reviews of the protocol’s security.

Bridge Infrastructure has a significant part in the multi-chain future of Uniswap v3. We received multiple offers from the biggest bridge providers during the proposal discussion. Uniswap Foundation launched a [discussion topic](URL:https://gov.uniswap.org/t/cross-chain-bridge-assessment-process/20148) on the forum for technical bridge assessments (The tentative deadline to provide feedback on the process below is **Friday, February 17th.**), while Celer Team has developed and provided a [multi-bridge contract](URL:https://gov.uniswap.org/t/cross-chain-bridge-assessment-process/20148/4?u=ilia_0x) with the support of multiple bridges (Celer, [DeBridge](URL:https://gov.uniswap.org/t/cross-chain-bridge-assessment-process/20148/9?u=ilia_0x), Wormhole). The [summary](URL:https://gov.uniswap.org/t/rfc-update-deploy-uniswap-v3-1-0-3-0-05-0-01-on-bnb-chain-binance/19734/86?u=ilia_0x) of the current governance proposal progress.

> After the current Governance Proposal passes the voting and deployment on BNB Chain, we plan to continue our research and bridge assessment. As we will find out a new solution we will start a new proposal for updating the current bridge infrastructure.

## License Exemption
We are requesting an exemption via an Additional Use Grant (license change enacted via the ENS domain uniswap.eth) that would allow the 0xPlasma Labs to use the Licensed Work to deploy it on BNB Chain, a layer 1 EVM compatible blockchain, provided that the deployment is subject to Ethereum layer 1 Uniswap Protocol governance and control. Uniswap V3 will be deployed on BNB Chain by the 0xPlasma Labs through the “[Deploy Uniswap V3 Script](URL:https://github.com/Uniswap/deploy-v3#deploy-uniswap-v3-script)” 0xPlasma Labs would be permitted to use subcontractors to do this work.

## Timeline
Following the Governance Proposal, [0xPlasma Labs](URL:https://plasma.finance/) will be ready to move forward with the Uniswap V3 deployment on BNB Chain immediately, using Wormhole bridge infrastructure for cross-chain governance messaging.

# Deploy Uniswap V3 on BNB Chain

# Should Uniswap governance contribute funding to the Nomic Foundation?

## **Summary**
- Nomic Labs, the team behind Hardhat, has become the Nomic Foundation, a non-profit organization dedicated to Ethereum. Our mission is to empower developers to decentralize the world.
- The Nomic Foundation’s work will be focused on Ethereum’s developer platform with the objective of achieving a world-class developer experience, and generally improving Ethereum’s public goods support structures.
- [Hardhat](https://hardhat.org/) is the de facto standard developer tool used to build Ethereum software, with more than 23000 Github repositories using it and tens of thousands of active users. Prominent teams relying on it include ENS, Uniswap, Optimism, OpenZeppelin, Aave, Balancer, Chainlink, Synthetix, and many more leading teams.
- The new foundation will expand the Hardhat suite of tools and, most importantly, build long-term infrastructure to catalyze organic growth in the Ethereum tooling ecosystem, decreasing Ethereum’s dependence on any one organization to build and maintain core development platform components.
- Seeking $30m in total funding from the ecosystem. Donations of $15M already secured by the Ethereum Foundation, Vitalik Buterin, Coinbase, a16z, The Graph, Polygon, Chainlink, a16z, and Kaszek Ventures.
- **We’re proposing to Uniswap Governance to make a contribution of $5m to the Nomic Foundation to support its mission.**

## **Funding**
The Nomic Foundation aims to benefit the entire Ethereum ecosystem, which is why we’re fundraising across multiple organizations and individuals within it.
The Ethereum Foundation is leading this round of contributions with $8M, alongside contributions from Vitalik Buterin, Coinbase, Consensys, The Graph, Polygon, Chainlink, Gnosis, a16z, a_capital, and Kaszek Ventures. These donors make up $15M, and we’re aiming to raise $15M more.

## **Why Uniswap?**
Generally, we think that allocating capital to the Nomic Foundation makes strategic sense for any protocol treasury that is aligned long term with the growth of Ethereum, and we’ve approached and will continue approaching several protocols. Currently, [Uniswap is built using Hardhat](https://github.com/Uniswap/v3-core/blob/main/hardhat.config.ts). While this is a signal of Hardhat’s value, the projects that the Nomic Foundation will deliver will create more value not just for Uniswap, but for the entire ecosystem. We’ll provide services to the Ethereum community that will:

1. Continue the maintenance of critical infrastructure used to build most protocols (Hardhat).
2. Increase developer productivity for every team in the ecosystem.
3. Accelerate developer onboarding to Ethereum, increasing the size of the experienced engineering hiring pool and making time-to-productivity shorter for new hires.
4. Accelerate the pace of innovation and the number of products being built.
5. Increase market volume driven by new users and new products.

We believe this grows the market for everyone, including Uniswap, and we’d love to have the Uniswap DAO contribute $5m in funding to this community effort .





# Should Uniswap governance contribute funding to the Nomic Foundation?

# Deploy Uniswap V3 to Boba Network
[Governance Proposal]

## Summary
The Boba Network is granted an additional use grant to use the Uniswap V3 Core software code (which is made available to the Boba Network subject to license available [here ](https://github.com/Uniswap/v3-core/blob/main/LICENSE)(the “Uniswap Code”)).

As part of this additional use grant, the Boba Network receives license to use the Uniswap Code for the purposes of a full deployment of the Uniswap Protocol v3 onto the Boba Network L2 on Ethereum blockchain. The Boba Network are permitted to use subcontractors to do this work. This license is conditional on the Boba Network complying with the terms of the Business Source License 1.1, made available at https://github.com/Uniswap/v3-core/blob/main/LICENSE.

Boba Network and FranklinDAO (Prev. Penn Blockchain) are submitting this proposal to Deploy Uniswap v3 on Boba Network.

## Past Voting Links
[Temperature Check](https://snapshot.org/#/uniswap/proposal/0x5387b0756442268d283d4ac7f3f4bc4cc0204c5e47b9708e5128fcbdea2d0cd1): Passed with 15M Yes Votes

[Consensus Check](https://snapshot.org/#/uniswap/proposal/0xe523d31000db5ecb16b002efd2ee984b958928b01cee140212eefc3ed5bcdfcd): Passed with 17.5M Yes Votes

## Summary
In cooperation with DMA Labs (a major contributor to [ICHI’s](https://www.ichi.org/) Uniswap v3 management protocols) and support of furthering the vision of Multichain Uniswap 15, we propose that the Uniswap community vote to authorize the deployment of Uniswap v3 to Boba Network.

Boba Network is a blockchain Layer 2 scaling solution and [Hybrid Compute](https://cryptodaily.co.uk/2022/07/boba-networks-hybrid-compute-why-it-will-unlock-blockchains-true-potential) platform offering lightning fast transactions and fees anywhere from 40-100x less than the respective Layer 1. Boba’s Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.

In addition, Boba Network is the first and only [multichain ](https://www.theblock.co/post/149837/ethereum-layer-2-boba-network-integrates-with-fantom-and-moonbeam)Layer 2, deploying on leading Layer 1 chains such as Ethereum, Avalanche, BNB and Moonbeam. Deploying on Boba will expand the Uniswap community to include users of the Boba multichain ecosystem, helping Uniswap on its journey to become a leading product in the multichain world.

The timeline for deployment will be approximately 3-4 weeks following the Governance Proposal, with contract deployment being handled by the Boba Network team .

## Proposal
We believe there are many benefits for the Uniswap Protocol, some of which include:

Ethereum equivalence. Developer tools, resources, projects, and protocols supported by Ethereum are already supported on Boba Network. A trustless bridge architecture to bridge assets from Ethereum to the Boba Network L2 has been in place since mainnet launch, with many bridging partners extending our bridge capabilities, such as Across.to, Synapse, Multichain and Layerswap.

Low cost transactions with high security. As an Ethereum L2, Boba Network relies on Ethereum’s strong base layer security while providing very low cost transactions, with fees anywhere from 40-100x less than Ethereum.

## Details for Incentivized Adoption of Uniswap v3
Boba Network will provide $1M $BOBA tokens to foster the usage of Uniswap v3 on Boba Network. The tokens will be sent to a multisig wallet co-owned by the Uniswap Grants Program (UGP) and Boba Network, who will work to deploy the funds as follows:

The incentives should be designed together with other projects which are operating on top of Uniswap v3 such as ICHI, Perpetual Protocol, Paraswap, or 1inch. The $BOBA can be used to incentivize liquidity but should not be limited to this use case. Anything increasing the usage of Uniswap v3 on Boba Network, including building new applications on top of Uniswap v3, should be supported. The goal is to deploy the $1M in the time period of one year. Funds not used after two years would go back to Boba. The spending is limited to $1M - the transferred amount of $BOBA as part of the proposal. Boba Network can decide to increase this amount based on the outcome of this initiative. In addition to this, Boba Network has already contributed more than $4M of liquidity on Uniswap v3 to bootstrap the initial success of Uniswap v3 on the Boba Network.

## Security
Boba Network is designed so that users can send arbitrary messages between smart contracts on L2 and L1. Users can relay messages themselves. The security of the messages passed is secured within the rollup protocol. Bridging and sequencing transactions is based on Optimism’s [Optimistic Rollup](https://github.com/ethereum-optimism/optimism) codebase. From L1 to L2, users need to trigger the CanonicalTransactionChain contract on L1 to create a new block on Boba Network. Our Sequencer is then forced to include the transaction on L2. From L2 to L1: Making provable statements about the state of Boba requires a cryptographic commitment in the form of the root of the Boba’s state trie to a smart contract on L1 called the StateCommitmentChain. We regularly publish updates of the state trie. With Merkle tree proofs of the commitments, users can use these proofs to make verifiable statements about the data within the storage of any contract on Boba at a specific block height. This can then be used to enable contracts on Boba L2 to send messages to contracts on L1.

The bridge uses the security of the source chain (L1). In an Optimistic Rollup design, state commitments are published to L1 without any direct proof of the validity of these commitments. Instead, these commitments are considered pending for a period of time (called the “challenge window”). In the challenge window the commitment could be invalidated through a fraud proof. Fraud proof challenges are not enabled and there’s a single sequencer design currently in production. In the event of fraud, the malicious actor and the prover of fraud will (in the future) play out an interactive challenge game and the malicious actor will be slashed.

The Boba Network codebase and Optimism’s codebase have undergone multiple audits, with no outstanding vulnerabilities.

More details about Boba Network can be found on our [engineering roadmap](https://boba.network/engineering-roadmap-2022-2023/).

## License Exemption
We are requesting an exemption that will allow Boba Network to use the Licensed Work to deploy it on Boba Network, a Layer 2 blockchain on Ethereum, provided that the deployment is subject to Ethereum Layer 1 Uniswap Protocol governance and control.

**For - Deploy Uniswap v3 to Boba**

**Against - Make no change**

## Conclusion
Boba Network is primed for substantial growth in the coming year. We have implemented an aggressive developer acquisition program for projects building on not just our Ethereum L2, but also on top of Boba L2s for other chains like Avalanche, BNB, and Moonbeam. Our approach will bring in many new projects, and we feel Uniswap v3 is an essential component that will serve as a foundational layer for this growth.

We welcome any [questions and comments](https://gov.uniswap.org/t/deploy-uniswap-v3-to-boba-network/18018) and are happy to provide any clarifications as needed. We are excited to submit this proposal to the Uniswap community and look forward to your feedback! Thank you.



# Deploy Uniswap V3 to Boba Network

# DeFi Education Fund


Proposal to allocate one million UNI to create and fund the “DeFi Education Fund,” a 501(c)(4) nonprofit entity based in the United States to provide grants for political, educational, and legal engagement. This proposal has passed the temperature and consensus checks with massive supermajorities and healthy, spirited debate. Since the Temperature Check posted, the need for this fund has become even more apparent.  We have incorporated much of the constructive feedback to balance transparency and effectiveness in this entity's important mission for the community.

The 501(c)(4) will fund education and advocacy through both existing advocacy organizations and potentially new ones. The funding will have the goals of 1) challenging misguided regulatory, legal, and political threats to decentralized finance; 2) achieving regulatory clarity for decentralized finance and related activity; 3) advancing laws that support decentralized finance and decentralized governance; and 4) spurring other DeFi protocols’ governance bodies to contribute to the effort (through this entity or their own). The entity will be nonpartisan and global in approach and orientation.

## The DeFi Education Fund will fund all of the following: 

•	Policy-maker education: we need more people directly educating legislative and regulatory policymakers about DeFi and advocating for policy positions that favor DeFi and its participants; 
•	Thought leadership and research: we need more written and video content explaining DeFi and its benefits in a medium that positively impacts the public perception of DeFi;
•	Legal firepower: we need to develop a strong bench of legal advocates in multiple jurisdictions and venues; 
•	Messaging: we need to better formulate ideas, prepare spokespeople, and communicate to policymakers and the general public on the benefits and promise of DeFi; 
•	Grassroots advocacy: we need to make it easy for individuals who already care about DeFi to voice their opinions to policymakers globally alongside organized efforts; and
•	Best practices: we need more analysis and legal models for all DeFi projects to benefit from collectively. 

This entity will not replicate the great work of existing organizations such as Coin Center, Fight for the Future, the Blockchain Association, the Crypto Council for Innovation, the Defi Alliance, Blockchain for Europe, or others. Rather, among other things, it will help to fund these and other organizations to expand their capabilities to more effectively protect and advance DeFi protocols. 

Further, this entity will extend its monetary impact by conditioning some of its grants with matching by other governance treasuries, crypto foundations, or crowd-matching.

Grants administration for advocacy is a subjective process that cannot be easily automated, and thus we propose a grants committee overseen by an accountable entity. This committee will hire a grants-making leader or staff and create an efficient, predictable process for applicants.

We propose the following as the initial committee members, with a subset of them serving as the entity’s board of directors. All have expressed their willingness to join the committee:

1.	Larry Sukernik, co-founder, Reverie. 
2.	Rebecca Rettig, General Counsel, Aave Companies. 
3.	Jake Chervinsky, General Counsel, Compound Labs & Strategic Advisor, Variant Fund. 
4.	Marc Boiron, General Counsel, dYdX Trading.
5.	Katie Biber, Chief Legal Officer of Brex, Board of Directors of Anchorage. 
6.	Sheila Warren, World Economic Forum, Executive Committee (Cryptocurrency Lead). 
7.	Marvin Ammori, Chief Legal Officer, Uniswap Labs. 

Due to the dynamic and somewhat unpredictable state of global policy proposals, we believe the grant-making committee should have considerable discretion to allow for flexibility and speed, subject to the necessary disclosure of its activities on a regular basis. We expect many members to serve pro bono and total compensation across the committee to be less than $150,000 annually. 


## The following changes have been incorporated due to community feedback:

•	The name will focus on education rather than defense--the DeFi Education Fund.
•	The scope is broadened to include the funding of organizations and work promoting best regulatory practices among those in the DeFi ecosystem.  
•	Beyond the considerable disclosure required for a 501(c)(4),  the entity will publicly post monthly community updates on progress, grant allocation, tactics, etc.. These updates will not only ensure trust but will also keep the community informed on when and how they can lend their voice to the policy process. When there are surprises, as there so often have been in the policy space, we will report why and how funds will be reallocated to address them. 
•	The 501(c)(4) will promptly hire at least one full-time staffer to manage the day-to-day operations of the organization with oversight from the board of directors and who will serve as the primary point of contact for the governance community. 
•	The 501(c)(4) will issue a detailed budget within 90 days of the proposal passing. Budgets, projections, and 5-year plans often must be revised and amended. 

### Multisig wallet address: 0x1C95930Dfc1139381265ce45B5f480F1EFae09A1

------

## A Word About Trust and the Multisig Wallet: 

While we are thrilled the Consensus Check passed with strong approval (73% for, 27% against), it’s important to us that we operate this initiative in a way that even those who voted against can get behind.

In particular, there was feedback that the proposal asked for a lot of money upfront with little in the way of checks and balances. Below, we detail some of the steps we took to improve the design of the proposal. We won’t claim that it’s a perfect solution, but it is a big upgrade to what was proposed earlier.  

To safely and transparently hold the funds, a 4/7 multisig consisting of the seven committee members was created at the following address: 0x1C95930Dfc1139381265ce45B5f480F1EFae09A1. 

To be even more precise, here are the names and addresses of the seven multisig members:
•	Jake Chervinsky | 0xdC856762b024814F6B5dc28e97e514e001D6820C | o/b/o Defi Defense Fund
•	Larry Sukernik | 0x773EE93E36bAaFa7F73B41ccC6800126829d3589 | o/b/o Defi Defense Fund
•	Rebecca Rettig | 0xcF8C946C6819dafE62f82803E01eB27Ea232825C | o/b/o Defi Defense Fund
•	Marc Boiron | 0x2132bEADc4D7b196249c1A746B8eeA91099bb1cE | o/b/o Defi Defense Fund
•	Marvin Ammori | 0xea067C58367D022a1c58354fE544C542c68587ec | o/b/o Defi Defense Fund
•	Katie Biber | 0xcB598f253818398f3d91595f22D897096e240Ae3 | o/b/o Defi Defense Fund
•	Sheila Warren | 0xbcAD071A51896666c3B48fC5Fd5A872981FB254E | o/b/o Defi Defense Fund

While a multisig wallet goes a long way towards trustlessly holding funds, we think Tally’s new open-source product, [Failsafe](https://gov.uniswap.org/t/consensus-check-uni-should-fund-a-political-defense-organization-for-decentralized-finance/12700/67?u=sukernik), would do an even better job (fun fact: Failsafe was funded by the Uniswap Grants Program). 

Simply put, Failsafe is an additional safety mechanism built on top of the multisig wallet that allows Uniswap tokenholders to (i) stop any multisig transaction from taking place, and (ii) request funds sitting in the multisig to be sent back to Uniswap’s treasury. We think this is a powerful product that all multisigs should use in the future.  

Although we want to use Failsafe as soon as possible, the product is just entering its trial phase with the Uniswap Grants Committee and is in the process of receiving code audits. While that means we can’t use Failsafe from the get-go, the good news is Failsafe can be deployed on top of the multisig wallet after the fact. Once audited, we’d like to integrate it to allow UNI tokenholders to have the ultimate say over the funds.

DeFi Education Fund

# Reduce the UNI proposal submission threshold to 2.5M
    
    This proposal lowers the UNI proposal submission threshold from 10M UNI to 2.5M UNI.

Uniswap’s governance system currently has a high threshold of 10M votes for proposal submission.  As mentioned in Dharma's [earlier proposal](https://app.uniswap.org/#/vote/1), there have been  [discussions](https://gov.uniswap.org/t/proposal-reduce-amount-of-unis-required-to-submit-governance-proposal/3320)  on  [lowering thresholds](https://gov.uniswap.org/t/proposal-reduce-amount-of-unis-required-to-submit-governance-proposal/3320/29)  to make governance more accessible.

Since that original proposal, the number of delegated votes has increased from ~80M to ~170M, making it much easier to reach the quorum threshold of 40M votes. However, the UNI token price increase over the past 6 months has made the proposal submission threshold extremely difficult to achieve for one individual.

The Fish.vote team has prepared a new proposal in line with Dharma's original motivations: making governance more accessible, while still ensuring that Uniswap governance is not subject to unilateral deleterious actors.  _We propose a threshold of 2.5m UNI for proposal submission, and keeping the existing 40M quorum threshold._ Though this proposal threshold is still quite high, we believe in making small, conservative changes in the right direction.

In order to reduce these thresholds, a new  `GovernorAlpha` contract is required. We have chosen to use the same smart contract code from Dharma's original proposal with these new values. To that end, we have [deployed a new contract](https://etherscan.io/address/0xc4e172459f1e7939d522503b81afaac1014ce6f6#code) which contains the following changes:

-   `proposalThreshold`  has been modified from  `10_000_000e18`  to  `2_500_000e18`, i.e. from 1% to 0.25%.
-   a public  `__acceptAdmin()`  function has been added, allowing the contract to claim ownership over the  `Timelock`  contract once  `setPendingAdmin`  has been executed.
-   `timelock`  and  `uni`  are now declared as  `constant`  instead of via assignment to storage slots during contract construction, as their values are not modifiable after deployment (and use of  `immutable`  would necessitate a major Solidity version bump and corresponding refactor of already well-audited code).

We believe this proposal is a conservative step in the right direction for UNI governance, and one that creates a more accessible governance ecosystem. We hope this is the first of many improvements that Fish.vote can be a part of.

Reduce the UNI proposal submission threshold to 2.5M

Swap, earn, and build on the leading decentralized crypto trading protocol.

Ethereum	$4.7b
Arbitrum	$315.75m
Base	$290.85m
Polygon	$109.16m
Optimism	$61.42m
BSC	$24.54m
Celo	$22.94m
Rootstock	$19.33m
ZkSync Era	$8,121,032
Avalanche	$5,942,771
Manta	$3,556,792
Linea	$3,189,398
Filecoin	$2,903,585
Scroll	$2,697,662
Boba	$1,676,396
Taiko	$1,434,880
Zora	$1,027,433
Blast	$1,008,048
Moonbeam	$612,446

Market Cap	$6.89b
	$9.2
	$9.2b
	$164.18m
	$52.41m
	$408.63b
	$762.29m
	6,116
	$2,003
	$176m

Uniswap

Protocol Information

Token Information

Methodology