If a fresh proposal by two community members is approved later this month, a new $74 million foundation might finance the largest DEX in the world.
The Uniswap Labs group has already started considering a new idea to establish a Uniswap Foundation with a US basis, but it will first cost $74 million.
The idea has so far received a mixed response from the community. While many have praised the foundation’s efforts to promote and develop the Uniswap ecosystem, others have expressed concern about the initiative’s high price tag.
Devin Walsh, a former chief of staff at company Labs, and Kenneth Ng, the director of their grant program, presented the idea on Friday. Walsh noted that the foundation’s primary goals are to support the Protocol’s decentralized growth, revitalize governance, and serve as a Protocol advocate.
Uniswap Foundation’s New Proposal Of 74M Price Tag Gets Mixed Reaction:
If it received enough support, it Uniswap Foundation (UF) would’ve been incorporated in Delaware, with Walsh serving as executive director and Ng taking on the role of operations director.
Walsh has requested $74 million in the company, UNI, over three years to realize her vision, of which $60 million would go to its own Uniswap Grant Program (UGP), and the remaining $14 million would be used as an “operational budget” to assemble a staff of 12.
By trading volume, the company is the planet’s biggest decentralized exchange (DEX). According to CoinGecko, Uniswap v3, the third iteration of the DEX, had done $793.8 billion in volume during the last 24 hours, matching Huobi Global and KuCoin’s controlled exchanges (CEXs).
Adams and other members of the community of the firm have supported the concept to some extent thus far. Still, a sizable group of opponents believes the price is excessive.