Governance voting for decentralized finance (DeFi) protocol Uniswap has got off to an inglorious start.
Despite 98% of the votes cast being in favor of a proposed change, the total number needed for a successful vote fell short of the 40 million required by about 400,000.
The vote had been intended, somewhat ironically, to decide whether or not to reduce the token threshold required to make and pass proposals on the protocol.
The final tally in the vote ending earlier on Tuesday, stood at 39,596,759 for, and 696,857 against.
The Ethereum-based protocol utilizes an automated market-making system leveraging liquidity pools so users can exchange or “swap” between ether (ETH) and any ERC-20 standard token.
Last month, Uniswap became the first DeFi protocol to surpass the $2 billion milestone in terms of total value locked.
Currently, only individuals holding 1% of the network’s native token, UNI, may initiate proposals.
A successful vote would have seen this requirement drop by around a third, while only 30 million votes would be needed to see a proposal passed.
“Disappointing outcome,” said Nadav Hollander, CEO and co-founder of crypto lender Dharma, in a tweet because the vote itself demonstrated the need for the proposal.
Dharma had proposed the changes.
However, Hollander also said the vote “galvanized users to delegate in much higher numbers,” which was a “healthy outcome for Uniswap.”