The $74 million plan by two former Uniswap Lab executives for a new Uniswap Foundation has just become a reality after their proposal received over 99% of the votes from UNI token holders.
According to the original proposal, the agency aims to streamline the Uniswap Grant Program (UPG) and reduce friction in the protocol’s governance system.
Former Uniswap Labs CEO Devin Walsh, who now serves as UF’s executive director, shared the results in a tweet on Aug. 24, noting that the proposal to create the institute “passed the final vote!”
Last night our proposal to create the Uniswap Foundation passed its final vote!
— Devin Walsh (@devinawalsh) August 24, 2022
According to Uniswap’s website, the organization saw more than 86 million, or 99% of the total votes in favor of the proposal, with only 770 votes against it. The vote in favor comes despite the initial proposal receiving mixed reactions from the community when it was first introduced on August 5.
The voting period began on August 17th and ended at 14:19 GMT +10 deadline on August 24th. Voting took place on the Uniswap app, where voters needed to have the UNI token in order to vote. For the vote to take place, a threshold of 40 million votes was needed to be cast in favor of UF.
Walsh said that UF has already “hit the ground running” in terms of its priorities, including interviewing “talented, valuable candidates” to join the team, expanding UPG and “revitalizing governance.”
According to the Uniswap Foundation job board, staff they are looking to hire include community leaders, partnership leaders, management leaders, grant specialists and mentors, communications and finance leaders, and development communications and booking channels.
Distributed or not?
But despite the vote being overwhelmingly in favor of UF, some on Twitter have questioned how much control the community actually has over Uniswap decisions.
Chainlink Community Ambassador “ChainLinkGod,” who has 150,200 followers on Twitter, forward that Uniswap’s decentralized autonomous organization (DAO) should “determine how funds raised are used” rather than a centralized foundation.
Uniswap DAO is also a joke in terms of decentralization theater, doesn’t exactly help your argument here, but at least they control $3.6B in UNI (largest DAO by AUM)
Normally, it is the role of the DAO to determine how the funds raised are used, not a centralized foundation
— ChainLinkGod.eth (@ChainLinkGod) August 20, 2022
Another member suggested that the result of the vote was “whaling”, with the top 20 addresses voting for 81.57 million, or 99.7% of the tokens used to vote for the proposal.
Uniswap has a history of accepting fairly unanimous proposals. Today, the community voted to approve a $74 million outlay to establish the Uniswap Foundation (UF).
But….$74 million is a lot of money…and was it really the community that voted for this?https://t.co/BeavvElVK3
— Ishita Srivastava (@ishita7077) August 24, 2022
Walsh, along with current COO Ken Ng, plans to build a team of 12 and has requested $74 million from the Uniswap decentralized autonomous organization (DAO), which currently holds over $3 billion worth of UNI tokens.
Of the $74 million, UF plans to distribute $60 million to the Uniswap Grant Program (UGP) and the remaining $14 million to cover operational costs.
Uniswap is the world’s largest decentralized exchange (DEX) by trading volume. Since Uniswap’s inception in November 2018, the protocol has supported more than $1 trillion in cumulative volume, with its daily volume often compete with Coinbase’s centralized exchange.
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