Uniswap community members have voted to create the Uniswap Foundation, an organization that will support decentralized growth and long-term sustainability of their namesake protocol.
The Uniswap Foundation will be an independent entity within the Uniswap ecosystem that will focus entirely on supporting the decentralized exchange’s native digital asset.
The proposal to create the Uniswap Foundation was submitted by Uniswap community members Devin Walsh and Ken Ng, and voting on the ended August 2, with overwhelming support from UNI token holders.
“We are thrilled about the support the foundation has received from the community thus far and have been so energized by the conversations we have had over the past few months,” Walsh told Blockworks.
Last night our proposal to create the Uniswap Foundation passed its final vote!
— Devin Walsh (@devinawalsh) August 24, 2022
🦄🦄🦄https://t.co/B2VOAeg5is
“That being said, we recognize holding this role is a big responsibility, and we do not take that lightly. We look forward to building strong relationships with as many community members as possible and to welcoming in new high-value contributors as well,” she said.
The foundation wants to reduce governance friction at Uniswap for high-impact and high-value projects and improve navigation in the ecosystem and has requested 2.5M UNI tokens to participate in governance at the protocol.
It is also requesting $74 million from the DAO’s $3.4 billion balance sheet, which will be divided into two disbursements: $20 million will be allocated to operating expenses and grants over the next to years, and $54 million handed out by the Uniswap Treasury after the foundation establishes its legal entity.
Since passing the proposal, Walsh said the team at Uniswap Foundation is already hitting the ground running on its top priorities which include: building out its talent pool, scaling the Uniswap Grants program and reinvigorating the governance process.
“We have already met dozens of amazing candidates, are excited to announce our next wave of grants shortly, and are looking forward to publishing our first set of RFPs and working with the community on improving the community governance process,” Walsh said.
