★ Low-threshold multisig vs TVL
Uniswap (v2 + v3)'s assessment for RD-F-028 — scored green on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
V2: no governance (not applicable for threshold comparison). V3: no multisig in admin chain; governance bar is 40,000,000 UNI (4% of total supply) — far exceeds any peer-norm multisig threshold. Combined: green.
Detail #
No multisig in the primary admin chain for either version. The governance quorum of 40M UNI represents 4% of the 1B total supply. Even comparing to the most stringent peer-norm (e.g., 7-of-12 at $2B TVL), a DAO quorum at 4% of supply is structurally harder to capture than any fixed-threshold multisig. Flash-loan attack is impossible due to checkpoint system (see RD-F-036). The only concentration risk is a16z holding ~55M UNI (independent quorum capability via long-held tokens).
Sources #
- DocsUniswap governance quorum discussionUniswap governance: 40M UNI quorum confirmedretrieved 2026-04-29
- Etherscan — Uniswap GovernorUniswap GovernorBravoDelegator on-chain — 40M UNI quorum encodedretrieved 2026-05-11
Methodology #
Determine whether the multisig threshold is abnormally low relative to TVL peer cohort (e.g., 2-of-3 for a protocol with >$100M TVL where peer norm is 5-of-8).
See the full factor methodology and distribution across all protocols →