The Uniswap DAO is contemplating the formation of an independent Uniswap Foundation to assist Uniswap Labs in expanding the protocol.
Proposed is a new governing organisation for one of Web3’s most popular marketplaces. A proposal to establish an independent Uniswap Foundation was made today at the Uniswap governance forum. The Foundation’s objectives would be multifaceted: to promote the expansion of the protocol, revitalize its governance process, and advocate for the decentralised exchange protocol.
The proposal proposes $60 million for the operation of the Uniswap Grants Program by the foundation. The initiative would finance protocol expansion, community expansion, research and design,
decentralised decision-making, and governance stewardship projects. Also proposed is an extra $14 million operational funding to pay the team for three years. After eighteen months, the Foundation would present a new funding request to the DAO.
To participate in governance, the proposal requests an extra 2.5 million UNI tokens (worth more than $21.7 million at the time of writing). The money is revocable by the DAO and cannot be used for any purpose other than governance.
Despite claiming “complete independence” from Uniswap Labs, the Foundation would be led by former Uniswap Labs Chief of Staff Devin Walsh and Grants Program Director Ken Ng. Walsh and Ng anticipate hiring 10 more people to assist with the foundation’s diverse programmes. Four advisers have been chosen, and a third board member will join Walsh and Ng within three months of the proposal’s approval.
Following the news, Uniswap developer Hayden Adams issued a series of tweets expressing his delight, adding that “when this passes, the Foundation will be yet another team working toward a future in which the protocol does not only survive, but flourishes!”
Uniswap stated in June that its customers would soon be able to trade non-fungible tokens in addition to cryptocurrencies.
Also Read: Coinbase And BlackRock Establish Institutional Crypto Access
Wallets