Key points to remember
- A proposal was submitted today on the Uniswap governance forum for the creation of an independent Uniswap foundation.
- The Foundation would be responsible for supporting the protocol’s growth, reinvigorating the protocol’s governance process, and championing Uniswap.
- The budget requested in the proposal is $74 million for a three-year track, plus 2.5 million UNI tokens for governance.
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The Uniswap DAO is discussing the possibility of creating an independent Uniswap Foundation to work alongside Uniswap Labs on the growth of the protocol.
Uniswap Foundation Proposal
A new governance body for one of Web3’s most popular exchanges has been proposed.
A proposal has been submitted today in the Uniswap Governance Forum to create an independent Uniswap Foundation. The Foundation’s goal would be multifaceted: supporting the protocol’s growth, reinvigorating its governance process, and championing the decentralized exchange protocol.
The proposal requests $60 million from the foundation to run a Uniswap grant program. The program would fund projects dedicated to protocol growth, community growth, research and design, decentralized decision-making, and governance stewardship. An additional operating fund of $14 million to pay the team for three years is also requested. After eighteen months, the Foundation would return to the DAO with a new proposal for additional funds.
The proposal requests an additional 2.5 million UNI tokens (worth north of $21.7 million at the time of writing) in order to participate in governance. The sum will be revocable by the DAO and may not be used for any other purpose outside of governance.
Although it claims to be “completely independent” from Uniswap Labs, the Foundation would nonetheless be led by former Uniswap Labs chief of staff Devin Walsh and grant program manager Ken Ng. Walsh and Ng plan to hire ten more members to work on the foundation’s various projects. Four councilors were also appointed, and a third member would join Walsh and Ng on the board within three months of the proposal’s adoption.
Following the announcement, Uniswap creator Hayden Adams job a series of tweets sharing his excitement, stating that “after this, the Foundation will be yet another team working towards a future where protocol doesn’t just survive, it thrives!”
Uniswap announced in June that it would soon offer its users the ability to trade NFTs in addition to cryptocurrencies.
Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.