Decentralized exchange (DEX) Uniswap is seeking an on-chain vote to approve a second tranche of $74 million in funding for its developer, the Uniswap Foundation.
According to the September 27 announcement, the second tranche of funds comes with a 10% price fluctuation buffer, worth estimated 62 million US dollars, which will be decided through on-chain voting on October 4. If approved, the funds will be used for operational and research funding. The Uniswap Foundation is responsible for developing core protocol metrics, building innovation pipelines, and aligning incentives for popular DEX stakeholders.
The developers explained that they plan to build a software development kit for Uniswap v4 next year and support its subsequent migration, and have received the first $17.3 million in funding for this goal. The Uniswap Foundation team said the funding request was split into two parts to allow more time to register its legal entity and obtain non-profit 501(c)4 status from the IRS, which the developer said was finalized in the spring, and then Only to receive a larger one-time payment.
The Uniswap Foundation revealed that in the past 12 months, from the initial governance proposal to notification, a total of $4.8 million was spent on research grants, $3.15 million on operations, and due to the UNI (UNI) token Funding for $1.29 million in capital losses caused by market declines. “The University of Florida has $53.2 million The capital remaining in a grant to be disbursed. We plan to make annual payments of $1-15 million, with the annual payments increasing over time. ” the developer wrote.
Related: Judge dismisses token fraud class action lawsuit against Uniswap
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