Uniswap will invest 3 million UNIs worth $12 million, into the Starknet AMM Ekubo Protocol

ekubo protocol

The Uniswap community recently passed the “Invest in Ekubo Protocol” temperature check proposal with 63.82% of votes in favor. As per the proposal, Uniswap will invest 3 million UNIs, which is approximately worth $12 million, into the Starknet AMM Ekubo Protocol. In return, Uniswap will receive a 20% share of governance tokens.

On October 28, Ekubo Protocol announced via Twitter that the proposal had passed the temperature check, albeit with mixed feedback. The team at Ekubo Protocol plans to spend the next two weeks incorporating the feedback received and fully specifying the proposal. They have also expressed appreciation for any additional comments and discussion on the temperature check thread. This indicates their commitment to transparency and community engagement in shaping the future of the protocol.

Connection with Uniswap

Moody Salem, the founder of Ekubo Protocol, was previously the engineering lead of the Uniswap team. He has made significant contributions to Uniswap’s early code. Moody Salem stated in the proposal,

“This is an essential step in the decentralization of Uniswap protocol development, effectively including the Ekubo team as core developers”.

This move signifies a strategic partnership between Uniswap and Ekubo Protocol, fostering collaboration and mutual growth. The investment is expected to contribute significantly to the development of both protocols and the broader DeFi ecosystem.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.