Uniswap DAO Considers Creating Uniswap Foundation
The Uniswap Foundation would provide yet another entity focused on growing the protocol.
Key Takeaways
- A proposal was submitted today in the Uniswap governance forum for the creation of an independent Uniswap Foundation.
- The Foundation would task itself with supporting protocol growth, reinvigorating the protocol’s governance process, and advocating for Uniswap.
- The budget requested in the proposal is $74 million for a three year runway, plus 2.5 million UNI tokens for governance.
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The Uniswap DAO is discussing the possibility of creating an independent Uniswap Foundation to work alongside Uniswap Labs on growing the protocol.
Uniswap Foundation Proposal
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 Foundation’s goal would be multipurpose: to support the protocol’s growth, reinvigorate its governance process, and advocate for the decentralized exchange protocol.
The proposal requests $60 million for the foundation to operate a Uniswap Grants Program. The program would fund projects dedicated to protocol growth, community growth, research and design, decentralized decision-making, and governance stewardship. An additional $14 million in operating funds to pay the team for three years is also being requested. After eighteen months, the Foundation would return to the DAO with a new proposal for further funds.
The proposal asks for an additional 2.5 million UNI tokens (worth north of $21.7 million at the time of writing) in order to participate in governance. The sum will be revocable by the DAO and cannot be used for any other purpose outside of governance.
While it declares itself “fully independent” from Uniswap Labs, the Foundation would nevertheless be headed by former Uniswap Labs Chief of Staff Devin Walsh and Grants Program Lead Ken Ng. Walsh and Ng expect to hire ten other members to work on the foundation’s various projects. Four advisors have also been appointed, and a third member would join Walsh and Ng on the board within three months of the proposal passing.
Following the announcement, Uniswap creator Hayden Adams posted a series of tweets sharing his excitement, stating that “after this passes, the Foundation will be yet another team working towards a future where the protocol does not just survive—it thrives!”
Uniswap announced in June that it would soon offer its users the possibility of trading NFTs in addition to cryptocurrencies.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
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