The Uniswap crypto community has finally approved the creation of the Uniswap Foundation. This organization will support the project’s growth and reinforces its platform’s long-term sustainability and protocol.
According to the official Uniswap blog, the vote was concluded in the evening hours of August 23 and led to an almost unanimous (99%) approval of the proposal presented by Devin Walsh and Ken Ng. After the published results, Walsh shared the good news with his followers through Twitter.
In an interview with reporters, Walsh said they are delighted with the foundation’s support from the community. He added that their conversations over the past few months had given them a lot of energy. He said they recognized that taking on this role is a huge responsibility and do not take it lightly. According to Walsh, they look forward to building strong relationships with as many community members as possible and welcoming new high-value contributors.
Advantages of Uniswap Foundation
Although Uniswap has its own DAO for financing projects and initiatives aimed at supporting its ecosystem, the proposal to create its foundation arose due to the different problems that the originally managed process brought.
When the creation of the Uniswap Foundation was proposed, those responsible for the proposal indicated that the governance process has too much friction, the ecosystem is too challenging to navigate, and the Uniswap grant program is in its current form cannot fund the most ambitious and impactful projects.
They wanted to change that. That is why they proposed the creation of the Uniswap Foundation, which has a mission to support the decentralized growth and sustainability of the Uniswap Protocol and its supporting ecosystem and community.
The idea behind creating the Uniswap Foundation is precisely to stimulate different processes, among which are the allocation of financing and subsidies, governance tasks, and the approach of other aspects that are not so diligent through a DAO. This foundation will be directed by Walsh and Ng, who will add at least 10 people to their team.
To start the operations of the Uniswap Foundation, the project contemplates an estimated budget of about $95.7 million, which is distributed as follows:
- $14 million to cover operating expenses and salaries for the next three years.
- $60 million to operate a financing program.
- Some 2.5 million UNI tokens (valued at more than $21.7 million) for governance purposes. The latter will be solely intended for this purpose and may be revoked by the DAO if the case arises.
Finally, Walsh indicated that the staff of the Uniswap Foundation has already begun work, and they will be focused on developing the talent pool, scaling the grant program, and revitalizing governance processes.
As of now, Uniswap price is currently trading at $7.22, with a gain of 3.40% in the last 24 hours.
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