Binance delegates 13.2M UNI tokens, becoming Uniswap DAO’s second-largest vote-holder

Crypto exchange Binance, according to the on-chain list of delegates, is now the second-largest organization in terms of voting power within the Uniswap DAO, trailing only the venture capital firm Andreessen Horowitz.

On October 18, Binance allocated 13.2 million UNI (UNI) tokens from its own books, representing 5.9% of the voting energy — a fraction of the tokens assigned to the modification. The amount allotted is approximately 1.3% of the total UNI supply.

The transfer will enable Binance to suggest governance votes because it exceeds the threshold of 0.25%. It’s nonetheless under the 4% quorum requirement to move votes. The latest governance vote diminished the edge for proposing votes.

On October 13, Uniswap announced a $165 million Series B fundraising round headed by Polychain Capital, with current investors comprising Andreessen Horowitz, Paradigm, Variant, and SV Angel. The cash will be used to extend the firm’s existing product portfolio and enhance the user experience via new online apps, developer tools, and a move toward mobile, the company claims. 

In the future, the business plans to offer nonfungible tokens (NFTs) initiatives.