Uniswap DAO Plans to Establish Uniswap Foundation with $74 Million Fund

The Uniswap DAO is discussing the possibility of creating an independent Uniswap Foundation to work with Uniswap Labs on the growth of the protocol. A new governance body for one of Web3’s most popular exchanges has been proposed.

A proposal was submitted today in the Uniswap governance forum to create an independent Uniswap Foundation. The purpose of the Foundation would be multiple: to support the growth of the protocol, to reinvigorate its governance process and to defend the decentralized exchange protocol.

The proposal asks for $60 million for the foundation to run a Uniswap grant program. This program would fund projects dedicated to protocol growth, community growth, research and design, decentralized decision-making, and governance management. An additional $14 million in operating funds to pay the team for three years is also requested. After eighteen months, the Foundation will return to the DAO with a new proposal for additional funds.

The proposal requests an additional 2.5 million UNI tokens (worth $21.7 million) in order to participate in governance. The sum will be revocable by the DAO and may not be used for any purpose other than governance.

Although she declares herselftotally independent” of Uniswap Labs, the foundation would nonetheless be led by former Uniswap Labs chief of staff Devin Walsh and grant program manager Ken Ng. Devin Walsh and Ken Ng plan to hire ten other members to work on the various projects of the foundation. Four councilors have also been appointed, and a third member will join Walsh and Ng on the board within three months of the proposal’s adoption.

Following the announcement, Uniswap creator Hayden Adams posted on a series of tweets sharing his excitement, stating that “after this pass, the Foundation will be yet another team working for 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.

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