Whereas a Harvard Legislation student-led initiative known as the “Defi Training Fund” is going through blowback for receiving $20 million price of Uniswap’s (UNI) tokens and dumping half of it over-the-counter, some witty DeFi lovers are brazenly mocking the entire ordeal.
Certainly one of them, a well known pseudonymous crypto Twitter person known as Cobie (CryptoCobain), satirically thanked the Defi Training Fund for inspiration immediately—and posted his personal proposal on Uniswap, asking for a grant of 500,000 UNI ($10 million) so he can…shave his head.
“Simply this morning I noticed that Uniswap had funded 1m UNI ($20m) to the extraordinarily well-known Defi Training Fund and I used to be extremely impressed,” Cobie wrote in his “necessary proposal to Uniswap Governance.”
“The [Cobie Headshave Fund] will fund the shaving of my very own head, and probably different heads. The funding could have the targets of 1) shave my head; 2) rent Ed Sheeran or Odell Beckham Jr or somebody to function the shaving clippers; 3) report the top shaving as proof of shave (PoS); 4) spurring different DeFi protocols to fund headshaving. The CHF entity shall be nonpartisan and actually solely exists to facilitate buying this grant.”
What’s the DeFi Training Fund?
The DeFi Training Fund, previously referred to as a “DeFi Authorized Protection Fund,” is a grant proposal orchestrated by a scholar group known as Harvard Legislation Blockchain & FinTech Initiative (HarvardLawBFI) in late Might.
Initially, the group requested for a grant of 1-1.5 million UNI tokens ($25-40 million on the time) from Uniswap’s treasure that ostensibly would’ve been used to rent “efficient legal professionals, lobbyists, and organizers” who will defend the sector’s greatest pursuits.
The proposal needed to move three voting levels—the so-called “Temperature Examine,” “Consensus Examine,” and “Governance Proposal”—for it to be permitted. On Uniswap, the neighborhood can vote for brand new proposals utilizing UNI—the platform’s governance token—the place one UNI successfully equals one vote. Nevertheless, people or entities can have any quantity of tokens, making their voting energy a lot higher.
This can be a route that I hope Uniswap (and extra DeFi protocols) develop into.
Nevertheless, this proposal lacks essential particulars which are vital to stop the Uniswap treasury from becomming a slush fund.
The concept is robust, and excited to see it mature.https://t.co/K9JVjNPfTY
— 🤖 Leshner (@rleshner) May 28, 2021
In consequence, regardless of going through criticism from the community, HarvardLawBFI’s proposal efficiently handed the primary two levels—however there’s a catch. Based on the outcomes of the “Consensus Examine,” for instance, the overwhelming majority of “sure” votes was forged by the proposers themselves, two different scholar teams, and Slingshot Finance COO Kenneth NG. In whole, these 4 whales had been chargeable for almost 34 million UNI votes in favor of the fund—out of 43 million “sure” votes in whole.
After rebranding their proposal to the DeFi Training Fund and increasing its scope, HarvardLawBFI finally received the “Governance Proposal” voting and obtained 1 million UNI (roughly $20 million) from Uniswap’s treasury. Then, regardless of initially promising “to allocate these funds over 4-5 years,” the coed group dumped half of its crypto cache—500,000 UNI price simply over $10 million—just some days after receiving it.
“Voting to provide your self cash”
Unsurprisingly, some members of the crypto neighborhood weren’t proud of this end result. In his personal governance proposal, titled the “Cobie Headshave Fund (CHF),” Cobie clearly parodied the DeFi Training Fund. He additionally identified that HarvardLawBFI epitomizes “the actual DeFi”—which is “voting to provide your self cash.”
“Not solely was I happy that they had been embracing the pseudonymous nature on the coronary heart of crypto twitter (not even bothering to have a profile image), however I used to be additionally touched by the 10m votes from the proposer to award themselves the grant cash. That’s the actual defi I consider in. Voting to provide your self cash.”
Cobie additionally reassured the neighborhood that “this entity will proceed to request related future grants for future headshavings if the primary one is confirmed profitable and as an enormous worth add to UNI holders.”
In the meantime, different customers had been so much much less refined.
“I absolutely help Cobie ‘The Carrot’ Cobain to be given 500,000 UNI. If anybody thinks that this nameless authorized lawyer f*ckwit who’s dumping isn’t something however a whole spit within the face then you must simply promote your UNI now and go purchase some Techlead Millionaire MM token and be a part of their neighborhood of Youtube commenters,” vented one of many commenters.
Whereas I do help the proposal, as we noticed with Dharma and Univalent, except the staff decides to approve the proposal, nothing occurs. Uniswap governance is the epitome of the govnance meme.
I’m prepared to foyer for this if its @ledgerstatus head although https://t.co/V9zadLDomW
— Andre Cronje (@AndreCronjeTech) July 14, 2021
Nonetheless, there’s presently no method anybody can really vote for Cobie’s proposal since he didn’t provoke a “Temperature Examine.” In any other case, it will be comically consistent with immediately’s meme-filled crypto sphere if the “Cobie Headshave Fund” obtained permitted.
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