The Uniswap Foundation will support open-source development and community governance inside the protocol. Community members of the decentralised exchange Uniswap voted decisively to establish the foundation. Voting ended Tuesday night. The foundation wants to improve governance of the protocol’s community treasury, streamline the grants process, promote Uniswap ecosystem developers, and strengthen the community.
The decentralised autonomous organisation (DAO) treasury, which presently has over $3 billion in UNI, the protocol’s native currency, is being asked for $74 million by the foundation. The foundation’s staff will be supported with $14 million of the funds, and developer grants will receive $60 million of the total.
“There’s no organization within the Uniswap ecosystem focused on reducing the friction in governance, and that is one area that the foundation will be focused on and is excited to work on,” Devin Walsh, a Uniswap community member who proposed the foundation alongside Kenneth Ng, told CoinDesk. “We want to ensure that there will be a large, thriving ecosystem of organizations that are building on, integrating with, and organizing events in support of the protocol.”
Members of the Uniswap community have been launching initiatives to aid ecosystem developers. To support early projects using the protocol, Uniswap Labs established a venture finance division in April. The DEX’s overall trading volume reached $1 trillion one month later.