Members of the Uniswap community proposed the establishment of the Uniswap Foundation to grow the ecosystem of its decentralized exchange.
According to the proposal, the Uniswap Foundation will be a company founded by Devin Walsh and Ken Ng. The company’s headquarters will be located in Delaware. Walsh will assume the role of executive director, while Ng will be responsible for running operations.
Uniswap is the largest decentralized exchange (DEX) in the cryptocurrency ecosystem. According to data from The Block, Uniswap accounts for about two-thirds of the entire DEX market volume.
However, Uniswap DAO has the largest treasury of a decentralized autonomous organization, with $3.9 billion in reserves, according to DeepDAO’s data.
According to the plan, there will be a budget of 74 million dollars for the Uniswap Foundation. The allocated budget will be given to the developer team as a grant and will be used to support the ecosystem.
While $60 million of the budget will be used for the grant program, $14 million will be used to cover general expenses.
The proposal calls for $74 million to be given to the Uniswap Foundation, as well as 2.5 million UNI tokens. This marks the minimum number of tokens required to call a vote. Thus, the Uniswap Foundation will also contribute to the governance process of the protocol.
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