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Uniswap Proposal Aims to Create an Independent Entity With a Budget of $74M

Uniswap Proposal Aims to Create an Independent Entity With a Budget of $74M, Crypto Trading News

Uniswap Community members want to create a new entity called the Uniswap Foundation, which would fix some shortcomings and enhance the growth of the protocol’s decentralized ecosystem.

The proposed Uniswap Foundation is targeting a $74 million budget to be paid out twice, while also requesting over two million UNI tokens to participate in the governance process.

Proposed Uniswap Foundation aims to improve ecosystem

Devin Walsh and Ken Ng submitted Suggestion for creating the Uniswap Foundation (UF) at the Uniswap Governance Forum on Thursday (4 August 2022). Under the proposal, UF will operate as an independent entity.

investment tip Uniswap Proposal Aims to Create an Independent Entity With a Budget of $74M, Crypto Trading News

The new entity will be tasked with improving aspects of the ecosystem, such as B. Reducing friction in the governance process, providing more grants to ambitious and high-impact projects, and simplifying navigation.

In order for the new entity to function, the proposal calls for a $74 million budget at UNI, Uniswap’s native token. While $60 million will be injected into the Uniswap Grants Program (UGP) budget for three years, $14 million will cover operating costs of a full team for the same period.

Meanwhile, the requested budget will be paid in two installments of $20 million and $54 million.

Walsh and Ng, founders of the existing Uniswap Foundation, will serve as the company’s Executive Producer and Head of Operations, respectively. Previously, Walsh was chief of staff at Uniswap Labs while Ng ran UGP for a year and a half. Additionally, UF will be a Delaware-based company.

In addition to asking for a $74 million budget, the proposal also calls for 2.5 million UNI tokens to participate in governance and invites the community to provide their feedback.

“We look forward to discussing this proposal with the wider community as it progresses through the solicitation phase. Should sentiment be positive, a temperature check snapshot poll will be set up on Monday, August 8th. If the temperature check survey is successful, additional feedback will be included before proceeding to the consensus check.”

Hayden commends the suggestion efforts

Uniswap founder Hayden Adams responded positively on the proposed establishment of a foundation, applauds the members behind it and declares:

“The strength of an ecosystem grows with every further team building and work on its success. Imo, after this is over, the Foundation will be another team working towards a future where protocol not only survives – it thrives!”

As before reported through CryptoPotatothe decentralized stock exchange giant, acquired the NFT-Marketplace aggregator Genie with plans to allow users to trade NFTs on Uniswap’s web app.

Meanwhile, the platform recently suffered a phishing attack that too ETH– resulted in losses worth over $8 million.

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Source: Crypto News Deutsch

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