Cryptocurrency NewsUniswap Foundation Seeks On-chain Vote for $62M Funding

Uniswap Foundation Seeks On-chain Vote for $62M Funding

The foundation plans to allocate $15 million every year in community grants to support DeFi initiatives. Uniswap a decentralized exchange (DEX) is currently holding an on chain vote to approve the portion of the $74 million allocated for its developer, the Uniswap Foundation.

As announced on September 27 the second portion, which includes a 10% to account for price fluctuations is approximately valued at $62 million. This amount will be determined through an on chain vote scheduled for October 4. If approved these funds will be used for expenses and research grants. The primary responsibilities of the Uniswap Foundation include improving core protocol performance promoting innovation and ensuring alignment with stakeholders vision for the DEX.

The development team has clarified their goals for the year; developing a software development kit for Uniswap v4 and overseeing its eventual transition. An initial funding of $17.3 million has already been allocated for this purpose. The decision to separate the funding request was made to allow time for the foundation to establish its legal status and obtain a nonprofit designation (501(c)4), from the IRS. This process was completed in spring before receiving the payment.
In the year the Uniswap Foundation disclosed that they allocated $4.8 million for research grants $3.15 million for operational expenses and experienced a loss of $1.29 million due to the decline in value of UNI tokens from when the initial governance proposal was made until the funds were received. The developers mentioned that the foundation currently holds $53.2 million in reserve, for grants. They foresee distributing an amount ranging from $10 million to $15 million with expectations of increasing this figure over time.


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