According to a report published on August 4th, 2022 the two community members from the Uniswap foundation filed a petition for promoting the development of a Decentralized cryptocurrency exchange.
Uniswap Labs to Uniswap Foundation
The Uniswap Foundation declared itself to be an independent entity separated from the Uniswap Labs. The firm was collectively founded by Devin Walsh, Uniswap Labs Director and Ken Ng. Walsh, Head of Grants.
Uniswap Foundation has sent a proposal including goals: strengthening governance processes, supporting protocol development, and improvising decentralized exchanges. The Foundation raised a demand of 74 Million USD to accelerate the growth factors if the proposal is approved. Further, the organization is promisingly committed to supporting and helping the other stakeholders.
The raised budget is split up into two parts: 60 million USD was asked to grant expansion in the program and 14 Million USD for bearing the operating costs for the next three years. Also, as proposed these funds will be dispersed in two installments: the first installment worth 20 Million USD, and the remaining 54 Million USD will be handed over to the entities later.
The proposal also raised a request of contributing 2.5 Million UNIs to the Uniswap Foundation in addition to the 74 million USD budget. The purpose behind the extra 2.5 million UNIs is clearly mentioned as the minimum tokens required for governance voting on the platform.
ALSO READ – Tom Brady’s Advertisement With His Flamethrower
Hayden Adams on Next Level Excitement
Soon after the announcement, Uniswap creator Hayden Adams could not resist expressing how excited he was by the news. Expressing his warm regards he suggested that the organization will work as a team towards a better future of the Dex Community where the protocols will survive and thrive.
Uniswap is the world’s largest decentralized exchange, ruling the cryptocurrency market till date. The Uniswap platform holds about two-thirds of the total trading volume in the decentralized market. Moreover, the Uniswap DAO is also the industry’s largest treasury-holding self-crowned decentralized organization with approximately 3.9 billion USD in reserves.
Source: https://www.thecoinrepublic.com/2022/08/11/uniswap-foundations-proposal-garnered-a-mixed-reaction-over-74m-tag/