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Why One of Uniswap DAO’s Most Outspoken Members Just Walked Away in Frustration

One of the Uniswap DAO’s top contributors walked away in frustration on Monday amid concerns that other stakeholders wield too much power over the decentralised protocol.
Pepo, a pseudonymous delegate whom other token holders entrusted to vote on their behalf, had participated in Uniswap’s governance since 2023. He wielded 455,000 UNI tokens, making him one of the top 20 largest delegates.
The reason for the departure? Other organisations involved in the running of Uniswap — primarily the nonprofit Uniswap Foundation — have pushed aside the opinions of DAO members and have been unreceptive to feedback, Pepo said in an X post.
“The Foundation’s behavior seems to have prioritized insulation over collaboration, and in doing so, may have actively harmed Uniswap,” Pepo said.
Devin Walsh, Executive Director of the Uniswap Foundation, didn’t provide direct comment to CoinDesk when asked about the accusation. However, she did provide a rebuttal on social media.
“Delegate participation is essential to the success of the Uniswap ecosystem,” she said on X. “The Uniswap Foundation takes their feedback seriously.”
Uniswap is the biggest decentralized exchange with some $4 billion worth of deposits, down 60% from its peak of nearly $10 billion total-value-locked during 2021-2022, according to DefiLlama data.
Like many DeFi protocols, Uniswap is controlled and managed through a somewhat byzantine structure.
The protocol was created by Uniswap Labs, a for-profit company which is also responsible for its continued development. The Uniswap Foundation, a nonprofit, is tasked with supporting Uniswap and its community, while protocol changes and allocation of resources is controlled by the Uniswap DAO, a type of crypto collective governed by holders of the UNI token.
In March, the DAO granted the foundation $165 million to boost Uniswap ecosystem growth and development. This gave the foundation a mandate to do certain things in pursuit of its goals without directly consulting the DAO.
Some, like Pepo, feel the Uniswap Foundation’s actions are putting the DAO’s interests behind those of itself and Uniswap Labs.
This situation highlights the persistent struggle to balance the interests of DeFi protocol token holders with those of other stakeholders.
Not the first time
Pepo isn’t the only one to highlight a perceived lack of DAO control at Uniswap.
In October, Billy Gao, vice president of Stanford Blockchain Club, a Uniswap delegate, said Uniswap Labs’ sudden decision to launch its own blockchain “raised serious questions about DAO governance.”
Gao argued that the Uniswap DAO should have been told about the blockchain ahead of time and allowed to weigh in on key decisions in its implementation. “It calls to question (once again) how decentralized [Uniswap’s] governance actually is,” he said.
Uniswap Labs did not immediately respond to a request for comment.
Others have questioned how the Uniswap Foundation uses the funds granted to it, and have complained that it isn’t transparent enough about its spending and decision making.
“Transparency and communication are values that many delegates agree with,” Doo Wan Nam, Co-founder of DAO governance solutions provider StableLab, a Uniswap delegate, told CoinDesk. “There have been improvements.”
On May 1, the Uniswap Foundation responded to criticism by creating a Foundation Feedback Group, intended to ensure effective communication and strengthen accountability between the foundation and the DAO.
Additionally, as a nonprofit company, the foundation must legally publish its finances.
But the problem is that for some delegates, it’s not enough.
“It’s a loss for any DAO whenever a delegate feels the only way to make an impact is through stepping down,” PaperImperium, Governance Liaison at Uniswap DAO delegate GFX Labs, told CoinDesk.
Behind the scenes
Some governance participants also complained that a lot of Uniswap DAO communication and decision-making happens privately, instead of publicly on the Uniswap governance forums.
This has led to complaints that major decisions are all agreed on by large delegates behind closed doors before going to a public vote.
It’s necessary for proposals to receive a degree of feedback before being presented publicly, Nam said.
It’s not unlike traditional governance. “Congressmen won’t just blindly write bills without talking to relevant stakeholders or other Congressmen,” Nam said.
But it’s a double-edged sword. As DAOs mature, there’s also a sense that they are becoming more about politics and appearances rather than pursuing what’s best for the protocol.
Multiple Uniswap delegates declined to comment to CoinDesk when asked about the complaints highlighted by Pepo.
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Arthur Hayes Says Bitcoin Will Hit $1M by 2028 as U.S.-China Craft Hollow Trade Deal

Arthur Hayes has a message for crypto investors and bitcoin (BTC) HODLers obsessing over Federal Reserve policy as the U.S. and China inch toward a trade deal: You’re watching the wrong institution.
“The real show is at the Treasury Department. Ignore the Fed. It doesn’t matter,” Hayes told CoinDesk in a recent interview. “Powell didn’t matter in 2022 under a Democratic regime, and he doesn’t matter now under a Republican one.”
For Hayes, the Federal Reserve has become a sideshow. The real monetary lever-pulling, he argues, is happening under Treasury Secretary Scott Bessent, who is quietly reshaping global liquidity with buybacks and auction strategies designed to manage a ballooning U.S. debt load.
That flood of liquidity, paired with America’s inability to rein in spending, is why Hayes says Bitcoin is heading to $1 million by 2028.
“All we care about is whether there are more dollars in the system today than yesterday,» Hayes said. «That’s all that matters.”
But monetary policy isn’t the only catalyst in his view. Hayes sees geopolitics fueling the fire too, particularly the performative trade diplomacy between the U.S. and China. As both sides posture, Hayes says they’ll likely sign a deal that looks bold on paper but changes nothing of substance.
“It’s going to be a deal on the surface,” he said. “Trump needs to prove he’s been tough on China. Xi needs to prove that he stood up to the white man.”
After all, China has proven with its Covid-era policies it can withstand more economic pain. With tariffs politically risky, Hayes thinks the next move will be taxing foreign investment, a quiet form of capital control meant to reduce America’s dependence on foreign buyers without spooking domestic voters. This is how you get the American people to swallow a realignment of trade.
“The only real policy that actually works is capital controls,” he said.
Potentially, there are multiple tools on the table. Not just taxes on foreign-held Treasuries or equities, but more aggressive ideas like forced bond swaps, trading 10-year notes for 100-year paper, or higher withholding taxes on capital gains from U.S. assets.
It’s all part of a strategy to rebalance the financial account without forcing Americans to “buy less stuff,” a message he says no politician can sell.
“Americans don’t like to do hard things,” he added. “They don’t want to be told that you have to consume less.”
China will continue to pile on into U.S. assets
China, meanwhile, isn’t going anywhere. Hayes says it has no choice but to keep buying U.S. assets even if it pretends otherwise.
“They have to obfuscate kind of how much stuff they’re buying off of America… but mathematically, they just can’t stop.”
For Hayes, this all leads to one place: more money sloshing through the system, and bitcoin soaking up the spillover.
His portfolio reflects that thesis: 60 to 65 percent in bitcoin, 20 percent in ether (ETH), and the rest in what he calls “quality shitcoins.”
Why? Because the market is finally looking for coins that actually work.
“We are in fundamentals season. people are tired of coins that don’t do anything,” Hayes said.
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What’s Next for Bitcoin With Crypto Market Cheering Trump’s Trade Deal Hype?

Bitcoin (BTC) is fast closing on the $100,000 mark as U.S. President Donald Trump teased a major trade deal, with reports suggesting it could be with the U.K.
The upswing in prices is consistent with the cryptocurrency’s broader bullish technical setup and buoyant risk sentiment in traditional markets. As of this writing, the Asian stocks traded higher, with the futures tied to the S&P 500 up by 0.6%.
Still, a couple of factors suggest the $100,000 breakout may not be a smooth ride.
WSJ pours cold water over optimism
Firstly, as per the Wall Street Journal, the big trade deal that Trump teased on Truth Social could be a «framework of an announcement with tariff adjustments.»
In other words, the impending announcement could be a framework of discussions that could lead to a trade deal weeks or months from now. So, the bullish momentum in BTC could slow once the initial optimism fades.
Resistance at $99.9K
As discussed earlier this week, the $99,900 could prove a tough nut to crack due to the potential for increased selling pressure from those who bought coins around these levels early this year and profit taking by long-term holders.
Coinbase premium
Coinbase premium indicator, which measures the spread between BTC’s dollar-denominated price on the Coinbase exchange and tether-denominated price on Binance, is widely seen as a proxy for demand from the U.S.-based investors.
In the past, sustained BTC bull runs have been characterized by an uptick in the Coinbase premium.
However, since late April, the seven-day moving average of the Coinbase premium has diverged bearishly from the price.
Bearish RSI divergence
While BTC set a new multi-week high during the Asian session, the 14-hour relative strength index, an indicator used to gauge momentum and overbought and oversold conditions, didn’t follow suit.
The resulting bearish divergence suggests the momentum may be weakening.
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Bitcoin Nears $100K as Trump Teases ‘Big’ Trade Deal

Bitcoin zoomed close to $100,000 early Thursday as President Donald Trump said a tariff deal with a “big, highly respected country” is to be announced soon.
Trump will hold a “major” trade deal news conference at 10 a.m. ET, where the announcement is supposed to be the “first of many.”
The identity of the country involved remains unclear. Still, some reports say it is believed to be the U.K. Easing tariffs could soften inflationary pressures and improve the backdrop for investing in crypto, tech, and other high-beta assets.
Bitcoin has gained more than 5% in the past 24 hours, extending its weeklong rally as macroeconomic conditions improve.
A combination of falling bond yields, a weakening dollar, and renewed institutional flows into spot bitcoin ETFs has fueled upward momentum.
The announcement also comes amid rising political pressure on U.S. leaders to counter China’s growing influence and revive domestic manufacturing. While full details remain under wraps, any rollback of tariffs could quickly buoy prices of risk assets.
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