Popular decentralized exchange Uniswap community members have voted to create the Uniswap Foundation, an entity that will support decentralized growth and long-term sustainability of their Uniswap protocol & its supporting ecosystem.  

The Uniswap Foundation will be an independent organization that will zero in completely on supporting the decentralized exchange’s protocol and its ecosystem.  

Uniswap community members Devin Walsh and Ken Ng submitted this proposal to create the Uniswap Foundation, and voting ended on August 2, with overwhelming help from UNI token holders.  

“We are thrilled about the support the foundation has received from the community thus far and have been so energized by the conversations we have had over the past few months,” Walsh stated. 

“That being said, we recognize holding this role is a big responsibility, and we do not take that lightly. We look forward to building strong relationships with as many community members as possible and to welcoming in new high-value contributors as well,” she said. 

To improve navigation in the ecosystem, the Uniswap foundation decreases governance friction at Uniswap for high-impact and high-value projects and improves navigation in the ecosystem, and has requested 2.5M UNI tokens to take part in governance at the protocol.  

Additionally, it is requesting $74 million from the DAO’s $3.4 billion balance sheet, which will be separated into two payments: $20 million will be assigned to working costs and grants over the next two years, and $54 million handed out by the Uniswap Treasury after the foundation lays out its legal entity.  

Since passing the proposal, Walsh said the group at Uniswap Foundation is now hitting the ground running on its first concerns which include: scaling the Uniswap Grants program, building out its talent pool, and reinvigorating the governance process.  

“We have already met dozens of amazing candidates, are excited to announce our next wave of grants shortly, and are looking forward to publishing our first set of RFPs and working with the community on improving the community governance process,” Walsh said.