August 12, 2022

The Uniswap Labs community has already begun to consider a new proposal that would form the US-based Uniswap Foundation (US), but first, it would cost $74 million.

The proposal has garnered mixed reactions from the community so far, with many praising the organization’s plans to support and expand the Uniswap ecosystem, while others dismissed its exorbitant price tag.

The proposal was August 5 Foot by former Uniswap Labs Chief of Staff Devin Walsh and Uniswap Grant Program lead Kenneth Ng, noting that the foundation’s primary goal is to “support the decentralized growth of the protocol, revitalize governance, and act as an advocate for the protocol” according to Walsh.

If voted, the Uniswap Foundation (UF) would be incorporated in Delaware and headed by Walsh as CEO, while Ng would become chief operating officer.

To make her vision a reality, Walsh has requested $74 million in UNI tokens over three years, $60 million of which will be used for its Uniswap Grant Program (UGP), while another $14 million will be used as an “operating budget” to build a team. of 12 people.

Uniswap is the world’s largest decentralized exchange (DEX) in terms of trading volume. Uniswap V3, the third edition of the DEX generated $793.8 billion in volume in the past 24 hours, putting it on par with central exchanges (CEXs) Huobi Global and KuCoin according to to CoinGecko.

Uniswap Founder Hayden Adams announce In a tweet on August 4, he said he was “very excited about this proposal.” Adams seemed confident that the proposal would pass when he added, “After this has passed, the Foundation will be another team working toward a future in which the protocol not only continues – but thrives!”

Although the proposal has so far garnered a fair amount of support from Adams and others in the Uniswap community, it has faced a large group of critics who say the price is too high.

Adam Cochran, partner at Cinneamhain Ventures, shared his approval of the UF’s goals, but added in an August 4 tweet that the $60 million for the UGP was “misleading at this point.”

Cochran noted that the $7 million in grants issued by the current college scholarship program have been spent on “disappointing” issues. He concluded that although there have been many successful projects in which UGP has invested, “I don’t think the current performance is worth” give us $60M + $14M to run for 3 years. “

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He also co-created the decentralized game Dark Forest Scott Sunarto Poetry That the UF targets were in line with the protocol’s potential for growth, but that there was a lot of “fluff” in the proposal. He suggested that UF focus its efforts on “protocol growth and research and development”.

The motion will be put to a final vote on the Snapshot management voting platform on August 8 if the current current poll passes.

UNI stock is up 1.4% in the past 24 hours, trading at $9.04 according to to CoinGecko.