Connect with us

News 1

Uniswap launches on-chain delegation tied to Twitter usernames



Source: Pixabay

DeFi protocol Uniswap recently announced the integration of Sybil, a new governance tool for discovering delegation.

Sybil maps on-chain addresses to digital identities in order to maintain a list of delegates without the need for user signups, on-chain transactions, and manual record keeping.

Sybil is solely integrated with Twitter, however, and as it stands the verification flow with Sybil is a 3 step process.

Users must first sign into Twitter and connect to a Web3 Wallet, following which they will sign a message that includes their Twitter handle using their private key. Finally, in order to complete the verification, users tweet this message from their Twitter Account.

Once a user has been verified, their Twitter handle is matched to their Ethereum address and will appear on the Sybil interface next to their associated vote count.

Through this process, Uniswap is essentially launching an on-chain delegation tied to Twitter Usernames.

Uniswap’s first-ever governance vote ended in failure, despite 98% of the votes being cast in favor of a proposed change, the total number needed for a successful vote fell short by about 400,000.

On November 2, another governance proposal to Airdrop UNI tokens fell short by little less than 2.5 million voted UNI tokens.

It seems that the main concern with respect to Uniswap’s current governance system comes down to inadequate engagement to reach a quorum when governance proposals arise.

Uniswap hopes Sybil’s governance mechanism will increase the adoption of Uniswap’s governance system, as per a recent blog post,

“Sybil’s purpose is to provide a simple way for governance token holders to identify their community representatives, and in doing so grow engagement in the protocol’s development process.”

However, some members of the crypto community were concerned regarding the privacy aspect of such a system, especially those who are not pseudonymous on Twitter.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Samyuktha is a full-time journalist at AMBCrypto. Currently pursuing her Masters in Finance and Business Analytics, she is interested in cryptocurrencies, fintech, and blockchain technology adoption across various sectors.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.