Uniswap Visa card proposal faces opposition, whether DAO can decide on logo authorization becomes the core of the debate

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Fiat24 performs temperature check on Uniswap DAO
Uniswap DAO cannot decide on logo authorization
On the evening of October 23, Pink Brains co-founder @DefiIgnas tweeted, “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 logic is run by smart contracts. Fiat24 uses Uniswap as its main liquidity provider and proposes to issue Visa cards with the Uniswap logo in exchange for a public announcement.”
At the same time, @DefiIgnas also mentioned that this is Fiat24’s marketing strategy.
Currently, the proposal is opposed by 58%. Among them, @DooWanNam, COO of StableLab and head of Maker DAO Asia, voted against it.
Fiat24 performs temperature check on Uniswap DAO
Swiss-regulated blockchain bank Fiat24 has conducted a temperature check on the Uniswap DAO. If the DAO approves its proposal, the bank, which runs on Ethereum L2 network Arbtrium, will issue Visa cards with the Uniswap logo, which will be sold in 27 markets in EU countries, with plans to expand to Latin America and Southeast Asia.
Fiat24 hopes to tap into the world's $7.5 trillion in daily foreign exchange volume using automated smart contract banking. The protocol relies on Uniswap's liquidity pool to facilitate transactions. When users pay with a card, they hold Ether (ETH), which Fiat24 then converts to Circle's stablecoin USDC on Uniswap and transfers the tokens to a fiat gateway to enable real-world payments.
Related reading: Fiat24 proposes Uniswap-branded Visa card
However, there are concerns from Uniswap DAO governance representatives, and Uniswap governance members are not keen on the idea of ​​a Visa debit card with the DeFi exchange’s iconic unicorn logo printed on it.
“Vote against this proposal — while the idea is clever, I don’t think the DAO has much say,” Abdullah Umar, Uniswap representative and head of Michigan Blockchain governance, said during the governance forum. “Unless the DAO gets some kind of trademark license or white label authorization, this proposal should not pass.”
Related reading: Uniswap DAO members tend to reject branded Visa debit cards
In response, Fiat24 said in the forum that “getting the support of the DAO may make the approval of the debit card smoother.” And, “We can assure you that we will obtain all necessary approvals from the DAO and the logo owner before implementing the proposal.”
According to on-chain data analyst Ember, the Uniswap Foundation Custody address (Uniswap: Foundation Custody) unlocked 10.68 million UNI (about 47.12 million US dollars) from the time-lock contract on October 21. The Uniswap Foundation Custody address transferred 3 million UNI (about 13.23 million US dollars) to the 0xdFD address; then the 0xdFD address transferred 2 million UNI (about 8.82 million US dollars) to Wintermute's Kraken trading platform recharge address.
Uniswap DAO cannot decide on logo authorization
Similarly, netizens also had heated discussions on this on social media.
“Fiat24 plays marketing game with Uniswap Visa card. Will it succeed?”
“Should the DAO vote on these kinds of branding/marketing decisions?”
“It’s a touchy subject, and I’m not sure there’s any clear distinction between what a DAO oversees. Does the front end belong to the Uniswap DAO or Labs? What about the logo and all the branding?”
“Connecting debit cards to DeFi would be a really cool project.”
Among the many discussions, whether DAO can decide on logo licensing has become the core of the issue.
According to Uniswap Labs’ terms of service, the DAO should not vote on branded cards. All brand IP belongs to Uniswap Labs (not the DAO), so they can decide whether to grant the rights to Fiat24.
@atiselsts_eth said that the DAO could vote, but that would be meaningless since the logo belongs to Uniswap Labs. Abstaining would make the most sense here.
@CryptoStreamHub pointed out that when using the Uniswap logo, "Logo 0.7%; Color theme 0.5%; Name 0.3%"
In addition, some netizens noticed in this discussion that DAO did not benefit from this storm. @BanklessCard said, "Instead of just using a branded card to promote your favorite DAO, wouldn't it be cooler to have a way for it to generate income from usage fees back to your DAO to achieve self-sufficiency?"
The temperature check poll will close on October 27. Uniswap’s terms of service were updated in March to state that all intellectual property belongs to Uniswap Labs, the developer of the protocol. While the lack of support does not mean the plan is dead, the debate has resonated with decision-makers at the exchange, even though the fine print states that Uniswap Labs, the development arm of the venture, has the final say on such initiatives.