Let's go ! Uniswap Foundation Comes True After 86 Million Upvotes

Two former Uniswap Lab executives’ $74 million plan for a new Uniswap foundation just became a reality after their proposal received over...

Two former Uniswap Lab executives’ $74 million plan for a new Uniswap foundation just became a reality after their proposal received over 99% of votes from UNI token holders.

According to initial proposalthe foundation aims to streamline Uniswap’s grant program (UPG) and reduce friction in the protocol’s governance system.

Former Uniswap Labs executive Devin Walsh, currently executive director of UF, shared the results in a tweet on Aug. 24, noting that the proposal to create the foundation “passed its final vote!”

According to the Uniswap website, the foundation garnered more than 86 million, or 99% of the total votes in favor of the proposal, with only 770 votes against. The votes in favor come despite the initial proposal seeing mixed reaction from the community when it was first announced on August 5.

The voting period began on August 17 and ended at 2:19 p.m. GMT +10 on August 24. Voting was conducted on the Uniswap app, with voters required to hold the UNI token to vote. For the vote to pass, a threshold of 40 million votes in favor of the UF was needed.

Walsh said that the UF has already “taken to the field” on its top priorities, including interviewing “talented, values-aligned candidates” to join the team, developing the UPG and “re-energizing governance”.

According to the Uniswap Foundation job site, the employees they seek to to hire include Community Manager, Partnerships Manager, Governance Manager, Grants Analyst and Managers, Communications and Finance Managers, and Developer Relations and Protocol Managers.

Decentralized or not?

But despite the widely cast votes for UF, some on Twitter questioned whether the community actually controls Uniswap’s decisions.

Chainlink Community Ambassador “ChainLinkGod”, who has 150,200 followers on Twitter, declared that Uniswap’s Decentralized Autonomous Organization (DAO) should “determine how funds raised are used” rather than a centralized foundation.

Another member of the community suggested that the result of the vote was “whale run”, with the top 20 addresses voting with 81.57 million, or 99.7% of the tokens used to vote in the proposal.

Walsh, along with current COO Ken Ng, plans to build a 12-person team and has requested $74 million from Uniswap’s Decentralized Autonomous Organization (DAO) treasury, which currently holds more than $3 billion value 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 the operating budget.

Uniswap is the largest in the world decentralized exchange (DEX) by trading volume. Since Uniswap’s inception in November 2018, the protocol has supported more than $1 trillion cumulative volume, with its daily volume often in competition with that of the centralized exchange Coinbase.