Popular decentralized exchange Uniswap is reportedly pushing ahead with its 5 million token airdrop campaign. Since the exchange itself is completely decentralized, a governance proposal will be presented to users and they can then vote on it.
The new proposal follows a previous governance proposal that was unsuccessful and failed to reach consensus on another matter. While the Uniswap system is proving to be very stubborn overall, a consensus-based system is imperative.
Why are airdrops important?
Airdrops are generally very useful for a new digital asset. They enable mass ownership of a new token and get people interested in the technology and how the token works. It is basically a process in which Ethereum or Bitcoin wallets with a minimum amount of balance are identified and then the airdrop balance is sent to them. It's not usually worth much, but it gets the conversation going. Many airdrops have been successful in the history of cryptocurrencies. The Uniswap airdrop will target MyEtherWallet, Argent, Dharma, DeFi Saver, Nuo, Eidoo, Opyn, Furucombo, Monolith and Rebalance user portfolios.
Will Uniswap's governance proposal be approved?
However, not everyone in the Uniswap community can agree with the airdrop itself. If there is no consensus within it in literal terms, the measure will not make it past the voting phase and thus another governance proposal will bite the dust. The main reason someone will object to the move is that airdrops can cause existing tokens to lose their value due to a sudden re-injection into the market. The airdrop itself is being promoted by a thrift organization called Dharma that it believes was skipped during the initial distribution. Dharma is now looking to obtain new tokens with the help of this governance proposal.
SpankChain CEO Ameen Soleimani was one of the first people to speak out against this retroactive distribution. However, it has decided to vote in favor of the airdrop providing assurances that it would be the last of its kind on the Uniswap network. It remains to be seen if the community agrees with him on this point. Other than that, there is a generally positive outlook for the new move, but it should be mentioned that the approval vote will need more than 98% in favor of the airdrop, otherwise it will be canceled.