Uniswap Calls for On-chain Vote for Second Tranche of $74M Developer Funding
Summary:
Uniswap, a decentralized exchange, is set to hold an on-chain vote on October 4 to decide on the approval of its second tranche of funding, estimated at $62 million, for its developer - the Uniswap Foundation. If approved, it will be used to fund operations and research grants. Over the past year, Uniswap Foundation reported spending $4.8 million on research grants, $3.15 million for operations, and a $1.29 million loss due to token market decline. The foundation still has $53.2 million left in grant capital, aiming to distribute $10-$15 million per year.
The decentralized exchange platform Uniswap is calling for an on-chain vote to sanction the second installment of its $74 million funding dedicated to its developer, the Uniswap Foundation. As outlined in its announcement on September 27, the funding's second installment, which includes a 10% buffer to account for price fluctuations, is estimated at $62 million and its approval is set to occur through an on-chain vote on October 4. If green-lighted, it will be used to fund operations and research grants. The Uniswap Foundation is tasked with the further development of the core protocol metrics, fostering a culture of innovation and ensuring beneficial alignment for all stakeholders of the DEX. The developers outlined their ambitions for next year, including creating a software development kit for Uniswap V4 and aiding its eventual migration, goals for which they received $17.3 million in the initial funding instance. The Foundation team clarified that splitting the funding request into two allowed them to obtain registry for their legal entity and non-profit 501(c)4 status from the Internal Revenue Service, a process they had finalized in the spring ahead of receiving the larger sole payment. Over the past year, the Uniswap Foundation reported that it used $4.8 million on research grants, $3.15 million for operations and experienced a $1.29 million financial blow from the decline of Uniswap (UNI) tokens in the market, occurring between the initial governance proposal and the receipt of funds. They stated, "The UF still has $53.2M in grants capital left for disbursement. We aim to distribute between $10-$15M per year, which will gradually increase as time progresses." In related news, a class-action lawsuit filed against Uniswap over token scam losses was recently dismissed by a judge.
Published At
9/27/2023 6:40:00 PM
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