According to Hayden Adam, the founder of Uniswap: “The strength of an ecosystem grows with each additional team building and working towards its success. IMO, after this passes, the Foundation will be yet another team working towards a future where the Protocol does not just survive — it thrives!”
The proposal to establish the Uniswap foundation received tremendous support and paved the way for its creation to become a reality.
In a tweet made on Wednesday by Devin Walsh and Ken Ng, who had initially come up with the idea;
“Last night, our proposal to create the Uniswap Foundation passed its final vote!”
The voting for the proposal lasted from August 17 to August 23. It would receive approval only if there were about 40 million votes. However, the total number of votes was almost twice the expected amount - 88 million votes. Uniswap (UNI) holders accounted for nearly 99% of the votes.
Uniswap Foundation aims at improving governance within the ecosystem. Its primary roles are to eliminate friction and re-direct Uniswap’s Grant Program (UPG) to highly impactful projects.
Approving this proposal indicates that the $74 million budget request will also be granted. This money is to be taken from the Uniswap DAO, which currently holds about $3 billion.
The proposed budget will be paid in Uniswap’s native token UNI and channeled towards achieving the growth of the protocol’s decentralized ecosystem. They also asked that the money be disbursed in two parts, $20 million and $54 million.
Uniswap Foundation (UF) plans on allocating $60 million to the Uniswap Grant Program (UGP) and $14 million to cover the cost of the operating budget.
Hailing the initiative, the founder of Uniswap, Hayden Adam, stated;
“The strength of an ecosystem grows with each additional team building and working towards its success. IMO, after this passes, the Foundation will be yet another team working towards a future where the Protocol does not just survive — it thrives!”
Walsh and Ng, who double as Uniswap Foundation founders and community members, have been appointed Executive Producer and Head of Operations, respectively.
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