The foundation aims to streamline the Uniswap grant program and “revitalize governance”.
A $74 million plan by two former Uniswap Lab executives to create a new Uniswap fund has just become a reality after their proposal received over 99% of the Uniswap Holders (UNI) vote.
As per the initial proposal, the foundation’s goal is to streamline the Uniswap Grants Scheme (UPG) and reduce friction in the log management system.
Former Uniswap Labs CEO Devin Walsh, now UF’s chief executive, shared the findings in a tweet on Wednesday, noting that the fund’s proposal “passed the final vote!”
According to Uniswap’s website, the fund received over 86 million votes, or 99% of the total votes, in favor of the proposal and just 770 votes against. The upvotes come despite the original proposal drawing mixed reactions from the community when it was first announced on August 5th.
The voting period started on August 17th and was adjourned on Wednesday at 14:19 GMT +10. Voting was done through the Uniswap app and voters had to stop UNI to vote. For the vote, 40 million votes were needed for the UF.
Walsh said UF has already “got to work” on its top priorities, including interviewing “talented, value-driven candidates” to join the team, expanding UPG and “activating management.”
According to the Uniswap Foundation Employment Council, the wanted employees include community leaders, partners, executives, analysts and grant administrators, communications and finance professionals, and developer relations and protocol managers.
Decentralized or not?
Despite the many votes cast in favor of UF, some on Twitter question the extent to which the community actually has control over Uniswap’s decisions.
Chainlink community spokesman ChainLinkGod, who has 150,200 followers on Twitter, said Uniswap’s decentralized autonomous organization (DAO) should “determine how the funds raised are used,” rather than a central fund.
Another community member suggested that the result of the vote was a “whale run” where the top 20 addresses voted with 81.57 million, or 99.7% of the tokens used to vote on the proposal.
Walsh plans to set up a 12-person team with current operations manager Ken Ng and has requested $74 million from the Uniswap DAO treasury, which currently holds UNI worth over $3 billion.
Of the $74 million, UF plans to allocate $60 million to the Uniswap Grants Program (UGP) and the remaining $14 million to cover its operating budget.
Uniswap is the world’s largest decentralized exchange (DEX) in terms of trading volume. Since Uniswap’s launch in November 2018, the protocol has supported over $1 trillion in cumulative volume, with daily volume often rivaling that of centralized exchange Coinbase.