UNI token holders vote to create Uniswap Foundation

An independent organization will distribute grants among ambitious and meaningful projects on the Uniswap protocol

26.08.2022 - 12:45

659

2 min

What’s new? A proposal for the $74 million budget Uniswap Foundation received support from members of the Uniswap Decentralized Exchange (DEX) community. The vote took place from August 17 to 24 and required about 40 million votes for approval. The initiative was supported by 86,2 million, more than 99% of the total number of UNI token holders. The idea of creating the fund comes from former executives and current members of the exchange’s community Devin Walsh and Ken Ng.

Uniswap’s forum

What is known about the initiative? Walsh and Ng presented the proposal for the Uniswap Foundation at the Uniswap governance forum on August 4, 2022. According to the proposal, the foundation would operate as an independent organization and work to improve governance in the Uniswap ecosystem by providing grants to ambitious and meaningful projects.

$14 million of the requested budget of $74 million in UNI tokens over the next three years is to be spent on operational costs related to a team of 12 executives. Another $54 million will be distributed as grants to projects on the Uniswap protocol. According to the proposal, the funds will be allocated in two tranches, $20 million and $54 million.

Walsh and Ng will take the positions of Executive Producer and Head of Operations, respectively. Walsh previously served as chief of staff at Uniswap Labs and Ng served as the head of the Uniswap Grants Program (UGP).

Uniswap is a decentralized financial protocol based on smart contracts for trading cryptocurrencies developed in 2018. The platform supports 445 digital assets and 816 currency pairs. According to CoinGecko as of August 26, 13:00 UTC, the daily trading volume is $815 million. The exchange’s native token UNI is trading at $6,97, down by 0,71% per day, according to Binance.

In April, Uniswap Labs launched a venture capital arm focused on investing in Web 3.0 protocols and projects. The division funds teams at various stages of development, from infrastructure creation to user applications.

Author: