Uniswap launches on-chain delegation tied to Twitter usernames
DeFi protocol Uniswap recently announced the integration of Sybil, a new governance tool for discovering delegation.
? Introducing https://t.co/I5jCdJiwtB, a governance tool for discovering Uniswap and Compound delegates!
? Sybil maps on-chain addresses to digital identities, while avoiding on-chain transactions and user signups
— Uniswap Protocol ? (@UniswapProtocol) December 15, 2020
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.”
Is privacy protected? Seems a great way to link people to their wallet…
— _Checkmate ?⚡??checkonchain.com (@_Checkmatey_) December 16, 2020
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.