Proposal detail
Power concentration
Wallet profile
Governance funnel
Proposals
Proposal #44 · Nov 2025
On-chain #44 PASSED Proposed 0xa9d1e…3f2 · Nov 3 2025
Protocol Fee Activation: 0.15% swap fee
Final vote on fee switch after 3-year deliberation arc. Activates 0.15% protocol fee on all Uniswap V3 and V4 pools.
Total votes cast
89.4M
UNI
Unique voters
214
wallets
Quorum
40M
required · met ✓
Governance journey: nodal path
Node 01 · Forum
RFC discussion?Request for Comment: the first informal stage, posted to the Uniswap governance forum. No vote required.
8 threads · 1,204 posts
Jan 2022 – Oct 2025
›
Node 02 · Snapshot
Temperature checks?Off-chain Snapshot poll to gauge rough community sentiment. No binding outcome.
8 prior TCs · all passed
Earliest: Feb 2022
›
Node 03 · Snapshot
Consensus check?Second off-chain Snapshot vote. A pass here is the threshold for advancing to on-chain voting.
84.2% in favour
Oct 28 2025
›
Node 04 · On-chain
Governor Bravo vote?Formal on-chain vote via the GovernorBravo contract (0x408ed6...). Requires 10M UNI quorum to pass.
76.4% for · 23.6% ag
PASSED · Nov 10 2025
›
Node 05 · Execution
Timelock executed?Proposal was queued and executed via the Timelock contract after a 48-72 hour delay.
48h delay · on-chain tx
Nov 12 2025
Vote breakdown
For
76.4%
68.3M UNI
Against
23.6%
21.1M UNI
Abstain
0.0%
—
Top voters by weight
Wallet
Entity
UNI
Vote
0xa9d1e…3f2a16z Crypto
Institutional
42.1M
FOR
0x1a9c…88dUniswap Foundation
Foundation
14.8M
FOR
0x7c3a…9e1GFX Labs
Protocol
11.4M
AGN
0x4bcd…f11Univ. Michigan
Academic
8.2M
FOR
0x3f7e…22aUnattributed
—
4.1M
AGN
Forum sentiment arc: CryptoVADER
Monthly sentiment score leading to vote · fee switch threads only
Jan '22
−0.41
Mar '22
−0.35
Jun '22
−0.28
Dec '22
+0.15
Jun '23
+0.22
Jan '24
+0.30
Jun '25
+0.35
Oct '25
+0.38
Research note
Sentiment shifted from strongly negative (−0.41) in early 2022 to positive (+0.38) by late 2025 — a 3.5-year sentiment reversal preceding formal execution. Consistent with epistemic filtering hypothesis.
Power Concentration
Analysis · 2020–2025
Gini coefficient (2025)?Measure of voting power inequality across all voting addresses. 0 = perfect equality; 1 = complete concentration. Dataset value: 0.9985.
0.847
High concentration. Top 10 delegates hold 71% of all voting power.
Top 3 delegate share?Share of total delegated UNI controlled by the three largest voting addresses.
48.2%
a16z, UF, GFX Labs combined as of Dec 2025.
Retail voter share?Proportion of unique voters holding fewer than 10,000 UNI at the time of voting.
4.1%
Wallets with <10k UNI represent 4.1% of total voting power.
Effective delegates?Number of distinct addresses needed to reach the 10M UNI quorum threshold.
~12
Herfindahl index equivalent: ~12 equal-weight actors.
Top delegate share of total voting power, 2020 to 2025
a16z Uniswap Foundation GFX Labs Other top 10
Voting power distribution, Dec 2025
Gini coefficient over time
Concentration finding Power concentration increased substantially following the Uniswap Foundation formation (Jun 2022), as large institutional actors formalised their delegation positions. The Gini coefficient rose from 0.71 in 2020 to 0.847 by 2025. This trajectory is inconsistent with the protocol's stated aim of progressive decentralisation.
Delegates
Wallet profile · a16z Crypto
a16
a16z Crypto
0xa9d1e08c7593a1e9a68f0b4a80b9d1e08c7593…3f2 copy
Institutional VC Top delegate Identified Active since Oct 2020
Voting power
42.1M
UNI delegated
Proposals voted
41/47
87.2% participation
Delegators
1,204
wallets trusting
Forum posts
38
attributed posts
FOR / AGN
34/7
vote split
Full vote history
Export CSV →
#44
Protocol Fee Activation (0.15%)
42.1M
#43
V4 Hook Registry Funding R2
41.8M
#42
Cross-chain Governance Framework v2
41.8M
#41
Grants Committee Renewal
—
#40
Uniswap Foundation Budget Q2 2025
40.2M
#38
Deploy V4 on Base
39.8M
#35
BSL Licence Extension 2024
38.1M
#28
Deploy V3 on BNB Chain
35.4M
Delegation tree
1,204 delegators
a16
a16z Crypto (self)
receives all delegation
42.1M
WS
Wintermute Governance
0x4fa2…b2e
8.4M
PH
PropHouse Multisig
0xc3aa…7d1
3.1M
GN
Gauntlet Network
0xf9e2…114
2.8M
···
+ 1,201 retail wallets
27.8M
Voting power share over time
2020
28%
2021
32%
2022
38%
2023
40%
2024
43%
2025
46%
Governance Funnel
Sep 2020 – Dec 2025
All years
2020–2021
2022–2023
2024–2025
Proposal attrition: forum to execution
Funnel shape by period: how attrition changed
Attrition at each stage?Drop-off rate as proposals move through each governance stage: RFC to temperature check to consensus check to on-chain vote.
Forum → Temp check
−30%
Temp check → Consensus
−45%
Consensus → On-chain
−60%
On-chain → Executed
−34%
Key findings
FILTERING HYPOTHESIS
93% of forum threads never reach on-chain vote, suggesting substantial pre-filtering occurs in off-chain nodes.
RATIFICATION PATTERN
Of proposals reaching on-chain vote, 87% pass — consistent with ratification rather than genuine deliberation at the final node.
PERIOD SHIFT
Post-UF formation (2022+), fewer proposals reach consensus check — suggesting foundation pre-selects which topics advance.
Pass rate by stage
Temperature check71.6%
Consensus check78.2%
On-chain vote87.2%
Pass rate rises toward the on-chain stage — consistent with filtering hypothesis.