Uniswap Community Polls to Establish Foundation
The community of Uniswap has carried out voting to establish a foundation that would support the present development within the platform. The chiefly described targets of the respective foundation deal with guaranteeing that the operations of the Uniswap Grants Programme become more smooth and the hindrance is minimized within the governance procedure.
The creation of the proposal for the establishment of the foundation was done by Kevin Ng and Devin Walsh, who will additionally be supervising the construction of a group comprising 12 people to create the respective foundation. As per the proposal, the decentralized advancement of the protocol will be supported by the respective foundation which will also play the role of an advocate for the protocol.
To fund the endeavors undertaken by the Uniswap Foundation, Ng and Walsh are requesting an operating budget of up to $14M to organize the team that is included in their strategy for the coming 3 years. Apart from that, an additional $60M has been requested by them to cope with the budget for the extended plans thereof within the Uniswap Grants Programme. In the end, an extra 2.5M worth of UNI which is presently equivalent to just $18M, has also been requested by them to take part in Uniswap governance.
The Proposal’s Voting Shows 99% Support
The voting was concluded on 24th August and resulted in up to 86,298,595 UNI votes favoring the proposal while just 770 opposing it. The center point of the announced targets of the upcoming foundation is to assist the growth of DAO and to construct additional projects along with the reduction in the roughness experienced in the process of governance. They are directed toward restructuring the grant program in which the UF would be given $20M to deal with grants and the reinvigoration of the governance process.
Uniswap Leads the DAO Sector by AUM
Uniswap’s position is that of the biggest DAO concerning the AUM, as UNI tokens’ up to $3.6B worth is controlled by it. The project is also categorized among those which are prestigious within the DeFi world as Uniswap has initiated decentralized exchanges and gathered more than $1T in total trading volume. It has also conducted the biggest airdrops throughout history. With Ethereum Foundation’s grant of $100k, Uniswap boosted up and particularly the V2 and V3-based innovations have elevated it to new heights.
