Analysts doubted the decentralization of Uniswap management.

Glassnode analysts doubted the decentralization of the Uniswap exchange, assuming that the project team intentionally does not disclose all the details of unlocking tokens due to it.

Uniswap presented UNI token for protocol management on September 16. According to UNI distribution terms, 40 percent of tokens will be given to the team, investors and consultants. Although the developers of Uniswap announced that the distribution of tokens will be carried out within four years, Glassnode reproach them for the lack of a clear public plan and admit that tokens may not have a lock.

"Although the token distribution plan demonstrates a gradual hosting, the tokens allocated to the Uniswap team and investors are now on a regular Ethereum address with no restrictions on translations. In contrast, the tokens in the storage for management are locked in smart contracts and will be distributed programmatically over time. This method of token storage gives the Uniswap team and investors administrative rights in the protocol," the analysts write.

They also pay attention to the non-optimal management system, which requires 1% of tokens to make a proposal. Since not all tokens have yet been released into circulation, Glassnode estimates the real share of necessary UNI in current conditions at 8%. The only entity that has the required number of tokens is the Binance exchange.

"This is a centralized exchange, a direct rival of Uniswap. If someone can concentrate 10 million UNI in the delegated votes and at least 40 million votes, management at the community level, in fact, is not yet possible," they add.

Messari analyst Ryan Watkins believes that this distribution model was not chosen by chance: "It allows the team to play a significant role in management while the project is still in its infancy.

The developers themselves wrote in the UNI launch announcement that they wouldn't be directly involved in management for the foreseeable future, "but they can pass their votes on to protocol delegates without trying to influence their decisions.

Thus, Glassnode concluded that the management of a decentralized exchange still remains in the hands of the people who created it.

Meanwhile, traders continue to expect the launch of Uniswap V3. In August, developers raised $11 million with the participation of Andreessen Horowitz and other investors to create an updated version of the exchange, which will "fundamentally improve the flexibility and efficiency of capital in it.

Link to glassnode : https://insights.glassnode.com/uni-token-is-uniswap-really-decentralized/

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