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The popular decentralized exchange, Uniswap, is requesting an on-chain approval for a $62 million funding boost for its developing arm, the Uniswap Foundation. This latest funding request comes as the second part of a previously earmarked $74 million funding initiative.
Set to happen on October 4, this proposed on-chain vote will determine if the Uniswap Foundation can access the remaining $62 million. An additional 10% has been set aside to account for any unforeseen price fluctuations. The primary use for this fund, if greenlit, will be for ongoing operations and to provide research grants.
The role of the Uniswap Foundation is pivotal. They spearhead efforts to expand core protocol metrics, establish new avenues for innovation, and ensure that the decentralized exchange's stakeholders have aligned interests.
The developer team's roadmap for the coming year is ambitious. They've set their sights on crafting a software development kit tailored for Uniswap v4 and facilitating its eventual migration. To achieve this, they were previously allocated $17.3 million from the initial tranche of funding. The reason the funding was split into two sections was to give the foundation ample time to formalize its legal entity and attain the nonprofit 501(c)4 status. Developers confirmed that this was achieved during the spring, paving the way for them to receive a more substantial payment.
A financial breakdown from the Uniswap Foundation revealed that in the preceding year, they expended $4.8 million on research-oriented grants, $3.15 million on operational costs, and experienced a $1.29 million drop in capital due to a market decline in the value of UNI tokens.
The Foundation further elaborated that out of the allocated funds, $53.2 million remains, with intentions to distribute between $10 to $15 million annually, anticipating a gradual increase in the yearly disbursement.
