Content Directory:

· Fiat24 conducts temperature check on Uniswap DAO

· Uniswap DAO unable to decide on logo authorization

On the evening of October 23rd, Pink Brains co-founder @DefiIgnas tweeted stating that "Uniswap DAO is voting to issue Visa cards with the Uniswap logo. The proposal was submitted by Fiat24 Bank, which is built on Arbitrum, and all banking business logic is run by smart contracts. Fiat24 uses Uniswap as its primary liquidity provider and proposes to issue Visa cards with the Uniswap logo in exchange for public announcement."

At the same time, @DefiIgnas also mentioned that this is Fiat24's marketing strategy.

Currently, the proposal is opposed by 58% of the people. Among them, DooWanNam, Chief Operating Officer of StableLab and Asia Director of Maker DAO, voted against it. @DooWanNam

Fiat24 Conducts Temperature Check on Uniswap DAO

The Swiss-regulated blockchain bank Fiat24 has conducted a temperature check on Uniswap DAO. If the DAO approves its proposal, the bank, which operates on the Ethereum L2 network Arbtrium, will issue a Visa card with the Uniswap logo. The card will be sold in 27 markets in EU countries and is planned to expand to Latin America and Southeast Asia.

Fiat24 hopes to use automated smart contract banking to tap into the global daily forex trading volume of $7.5 trillion. The protocol relies on Uniswap's liquidity pool to facilitate trades. When users pay with their card, they will hold Ether (ETH), which Fiat24 will then exchange for Circle's stablecoin USDC on Uniswap and transfer the tokens to a fiat gateway for real-world payments.

Related reading: "Fiat24 proposes Uniswap branded Visa card"

However, Uniswap DAO governance representatives have concerns about this, and Uniswap governance members are not enthusiastic about the idea of a Visa debit card with the iconic unicorn logo of a DeFi exchange.

Uniswap representative and Michigan blockchain governance leader Abdullah Umar stated at a governance forum: "I vote against this proposal - although the idea is clever, I don't think DAO has much say." "Unless DAO obtains some kind of trademark license or white label authorization, this proposal should not be passed."

Related reading: "Uniswap DAO members lean towards rejecting Visa branded debit card".

Regarding this, Fiat24 responded on the forum, stating that "getting support from DAO may make the approval of the debit card smoother." Additionally, "we can assure you that we will obtain all necessary approvals from DAO and badge owners before implementing this proposal."

According to on-chain data analyst Yu Jin, the Uniswap Foundation Custody address unlocked 10.68 million UNI tokens (approximately $47.12 million) from a time-locked contract on October 21. The Foundation Custody address then transferred 3 million UNI tokens (approximately $13.23 million) to the 0xdFD address, which subsequently deposited 2 million UNI tokens (approximately $8.82 million) into Wintermute's Kraken exchange recharge address.

Uniswap DAO Unable to Decide on Logo Authorization

Similarly, netizens have also engaged in heated discussions on social media about this.

"Will Fiat24 succeed in using Uniswap Visa card to play marketing games?"

"Should DAO vote on such brand/marketing decisions?"

"This is a sensitive issue, and I am not sure if there are any obvious differences between the contents of DAO supervision. Does the front-end belong to Uniswap DAO or Labs? What about the logo and all brands?"

"Connecting debit cards with DeFi will be a very cool project."

In many discussions, whether DAO can decide on logo authorization has become the core issue.

According to Uniswap Labs' terms of service, DAO should not vote on the brand card. All brand IP belongs to Uniswap Labs (not DAO), so they can decide whether to grant rights to Fiat24.

@atiselsts_eth said that DAO can vote, but it is meaningless because the logo belongs to Uniswap Labs. "Abstain" is the most meaningful here.

@CryptoStreamHub pointed out that when using the Uniswap logo, "logo accounts for 0.7%; color theme accounts for 0.5%; name accounts for 0.3%".

In addition, some netizens have noticed in this discussion that DAO did not benefit from this turmoil. @BanklessCard said, "Instead of using only one branded card to promote your favorite DAO, why not have a way to generate income back to your DAO through usage fees to achieve self-sufficiency? Isn't that cooler?"

This temperature check survey will end on October 27th. Uniswap's terms of service were updated in March, stating that all intellectual property belongs to the protocol's developer, Uniswap Labs. However, the lack of support does not mean that the project has failed. Although the details stipulate that Uniswap Labs, the development department of the joint venture, has the decision-making power over such initiatives, this debate has resonated with exchange decision-makers.

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