Home
News
Recently popular decentralized exchange Uniswap’s community members went on to discuss the creation of an organization. The community wished to set up the Uniswap Foundation which would work towards supporting community governance and open-source development on the platform. The referendum was organized regarding the proposal.
By Tuesday evening, the votes were cast out and the majority of community members support the idea of creating the foundation. The organization is said to be solely focused on managing the grant process within the protocol. It would also work to make the governance for the support developers community of the protocol smooth as well as maintain it.
Following the creations, the DAO treasury is to act upon the request of the foundation asking for funds worth 74 million USD. Currently, the treasure possesses an overall fund of 3 billion USD, in native UNI tokens. Out of the demanded funds, 60 million USD is said to be used to avail grants to developers while the rest 14 million will be allocated to the team of foundation.
A member of the Uniswap community and one of the persons behind the foundation’s proposal, Devin Walsh said that currently, the Uniswap ecosystem has no such organization that could work towards resolving the issues and eliminating the friction within the governance of protocol. The community members would ensure the creation of organizations within the ecosystem that could support the protocol further, he added.
Members of the Uniswap community indulged in deploying different projections in order to support the ecosystem and developers. In April, this year, the firm behind the management of Uniswap Dex, Uniswap Labs went on to found a specific wing focusing on venture capital and the generated funds would be deployed for the project. Later in the following month, the DEX was reported to cross the milestone of 1 trillion USD in terms of the total trading volume.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
