The controversial Uniswap-funded DeFi Education Fund has liquidated half of its donated funding into stablecoins, attracting condemnation from many in the crypto community.
On June 12, the fund tweeted that it was selling 500,000 UNI to Genesis Trading for 10.2 million USDC in an over-the-counter (OTC) trade, despite the Uniswap proposal for the fund indicating it would liquidate the 1 million UNI over four to five years.
In May, the student organization, Harvard Law Blockchain and Fintech Initiative, launched a governance proposal advocating for the creation of the fund and allocation of 1 million UNI (worth roughly $18 million at current prices) to the entity to support educational initiatives and policy lobbying for the decentralized finance sector.
At the start of this month, the proposal was passed and the UNI tokens were transferred to the fund.
The incident has reignited concerns regarding the centralization of Uniswap’s governance process, and called into question the transparency and motives of the fund.
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