The Uniswap community appeared with a proposal to establish a Uniswap Foundation with a budget of $74 million for the farm to operate in the first three years.
According to the document published last night, two community members petitioned to establish the Uniswap Foundation to promote the development of this decentralized cryptocurrency exchange.
The Uniswap Foundation declared itself to be independent of Uniswap Labs but was jointly founded by Uniswap Labs Director Devin Walsh and Head of Grants Ken Ng. Walsh. The fund’s goals include: supporting protocol development, strengthening governance processes, and improving decentralized exchanges.
The Uniswap Foundation will receive a budget of $74 million to accelerate growth if the proposal is approved. The organization will award development teams grants and support other ecosystem stakeholders.
The proposed budget is divided into two parts: $60 million for the expansion grant program and $14 million to cover operating costs over three years. These funds are also proposed to be paid in 2 installments: the first $20 million and the remaining $54 million will be handed over later.
In addition to $74 million, the proposal also calls for the community to contribute 2.5 million UNIs to the Uniswap Foundation, the minimum amount of tokens required for governance voting on the platform.
After the announcement, Uniswap creator Hayden Adams expressed his excitement and suggested that the organization will be a team towards a future where the protocol survives and thrives.
Uniswap is the largest decentralized exchange (DEX) in the cryptocurrency space today. The platform accounts for almost two-thirds of the trading volume on the DEX market. Uniswap DAO is also the industry’s largest treasury-holding decentralized self-sovereign organization with $3.9 billion in reserves.
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