Members of the Uniswap community are looking forward to the creation of a new entity called the Uniswap Foundation, which will address some of the shortcomings and improve the growth of the protocol’s decentralized ecosystem.
The proposed Uniswap Foundation seeks a budget of $74 million to be disbursed twice while also requiring more than two million UNI tokens to participate in the governance process.
The proposed Uniswap aims to improve the ecosystem
Ft. Devin Walsh and Ken Ng A suggestion To create the Uniswap Foundation (UF) for the Uniswap Governance Forum on Thursday (August 4, 2022). According to the proposal, UF will operate as an independent entity.
The new unit will be tasked with improving aspects of the ecosystem, such as reducing friction in the governance process, providing more grants for ambitious and impactful projects, and facilitating mobility.
To enable the new entity to operate, the proposal requests a budget of $74 million at UNI, the original Uniswap token. While $60 million will be injected into the Uniswap Grant Program (UGP) budget for three years, $14 million will be used to cover the operational costs of an entire team for the same period.
Meanwhile, the requested budget will be disbursed in two installments of $20 million and $54 million.
Walsh and Ng, founders of the pre-existing Uniswap Corporation, will serve as the entity’s executive producer and chief operating officer, respectively. Previously, Walsh was Chief of Staff at Uniswap Labs, while Ng headed UGP for a year and a half. Furthermore, UF will be a Delaware-based company.
Aside from the $74 million budget request, the proposal also seeks 2.5 million UNI tokens to participate in governance and invites the community to provide feedback.
“We are excited to discuss this proposal with the broader community as it is in the comment request phase. If sentiment is positive, a temperature screening snapshot survey will be prepared on Monday, August 8. If the temperature screening survey is successful, additional comments will be included before moving on to the compatibility screening. “
Hayden commends the efforts of the proposal
Uniswap Founder Hayden Adams It was a positive reaction for the proposed creation of the Foundation, and salutes the members behind it and says:
“The ecosystem grows stronger with each additional team building and work on its success. Imo, after this success, the organization will be another team working towards a future where protocol not only survives – but thrives!”
As I mentioned before Potato encryptionThe decentralized exchange giant has acquired the NFT Genie market aggregator with plans to enable users to trade NFT via the Uniswap web app.
Meanwhile, the platform recently suffered a phishing attack, which resulted in more than $8 million in losses in ETH.
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