Binance, the world’s largest cryptocurrency trading exchange by volume, is now the second biggest voting member of the decentralized exchange Uniswap DAO.
The company delegated 13 million UNI (CRYPTO: UNI) tokens from its own book.
Having 5.9% of the voting power, Binance is only behind venture firm Andreessen Horowitz, or a16z, according to the on-chain list of delegates.
See Also: Time For A Hard Fork - Binance Aims To Enhance Blockchain
The number of tokens delegated by Binance is approximately 1.3% of the entire supply of UNI. This will enable Binance to put forth governance proposals because it exceeds a 0.25% threshold but falls short of the 4% quorum needed to enact proposals.
The requirement for proposing votes was recently lowered in a governance vote.
“Very unique situation, as the UNI technically belongs to its users,” Uniswap CEO Hayden Adams stated.
Binance users would probably like to preserve these governing privileges (similar to what compound has done with cUNI) and that it was unclear how Binance plans to engage in Uniswap decisions.
Uniswap Raises $165M Uniswap announced last week a $165 million Series B investment round, led by Polychain Capital, with additional previous investors Andreessen Horowitz, Paradigm, Variant, and SV Angel.
The funds will be used to build new online apps, developer tools, and a move toward mobile in order to enhance user experience and broaden its current product offerings.
Additionally, Uniswap plans to start nonfungible tokens (NFTs) initiatives in the future.
During the decentralized financial craze of 2020, the decentralized exchange rose to prominence.
In February 2021, Uniswap's total transaction volume reached $100 billion for the first time.
According to Adams, the platform's total trade volume has reached $1.2 trillion.
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