Venture capital firm, a16z, has been observed transferring UNI tokens out of their delegator wallets, moving more than $151M in UNI tokens over the last 24 hours. These tokens are now in fresh addresses, which likely also belong to a16z. This is the first public on-chain movement from a16z since March 2024, according to addresses identified by Arkham. The firm still holds 41.75M UNI or $315M worth, as their largest public position.
Uniswap has seen many of their delegators slowly drifting away from active participation in governance, largely due to feeling unheard within the governance structure. Notably, one of their top delegates, Pepo, left the DAO earlier this year, leaving a long writeup on X on how the Uniswap Foundation ignores criticism from delegates and questioning its actual decentralization.
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