Decentralized exchange Uniswap has taken a big step forward to support developers in the ecosystem as members of the community enthusiastically voted in favor of creating the Uniswap Foundation.
The foundation will support open-source development, reduce friction in the protocol’s governance system, and streamline Uniswap’s Grant Programme (UPG). It will be an independent foundation functioning within Uniswap’s ecosystem.
Uniswap is the largest decentralized exchange (DEX) by trading volume and the total value locked in the protocol has surpassed $4.17 billion.
The proposal to set up the Uniswap Foundation garnered 99% of the total votes polled or 86 million in favor, with only 770 votes against. The proposal needed 40 million votes for approval. The voting, which took place on Uniswap’s app, started on 17 August and concluded on 24 August.
To be able to participate in governance at the protocol, the foundation has requested 2.5 million UNI tokens from DAO. It has also requested an additional $74 million from the DAO’s $3.6 billion balance sheet. The sum will be divided into two funds, wherein $20 million will be earmarked for meeting operational expenses and grants over the next two years, while the remaining $54 million will be handed over to the Uniswap treasury after the foundation gets legal recognition.
Devin Walsh, a community member who proposed the creation of Uniswap Foundation, said that the team has already started working on implementing some of the top priorities. Currently, they are focused on building a talent pool, scaling the grants program, and reinvigorating the governance process.