Uniswap, a decentralised exchange (DEX), intends to get an on-chain vote for authorisation of the $74 million funding’s second section meant for its developer, Uniswap Foundation, as stated by Cointelegraph.
According to Cointelegraph, the funding’s second section is roughly around $62 million, carrying a buffer worth 10% for price volatility. From what it’s understood, the on-chain vote’s approval will result in the funds getting directed towards operations and research grants. Reportedly, Uniswap Foundation is in charge of developing core protocol parameters.
Based on Cointelegraph’s data, developers aim to create a Uniswap v4-based software development kit and back its migration, having already secured $17.3 million in the first round of funding. It’s believed that the Uniswap Foundation group decided to distribute the funding round into two halves to get time for registering its legal unit and get non-profit 501(c)4 status from the Internal Revenue Service.
Moreover, Cointelegraph noted that Uniswap Foundation revealed that in the last one year, an amount worth $4.8 million was spent on research grants, $3.15 million towards operations and a $1.29 million loss on capital on account of fall in market value of UNI tokens between the initial governance proposal and receipt of funds. “The UF has $53.2M in grant capital remaining to disburse. We plan to disburse $10-$15M per year, with the amount disbursed per year increasing over time,” the developers mentioned.
(With insights from Cointelegraph)