A new proposal to form a Uniswap Foundation in the United States has been presented to the Uniswap Labs community, however it costs $74 million.
The proposal has been put forward by Uniswap Labs’ former chief of staff, Devin Walsh, and Uniswap grant program lead, Kenneth Ng. The main aim of the foundation will be to ‘support the Protocol’s decentralized growth, reinvigorate governance, and serve as a Protocol advocate.’
The foundation would be incorporated in Delaware and headed by Walsh as executive director, while Ng would become head of operations.
The proposal asks for $74 million in UNI over a time period of three years. $60 million would be used for the Uniswap Grant Program (UGP) which will award grants to development teams and work to support other ecosystem stakeholders. While the remaining $14 million would cover the operating costs to build a team of 12.
The proposal also calls for the Uniswap Foundation to be given 2.5 million UNI tokens — the minimum number of tokens required to call for an on-chain vote.
The proposal is getting mixed reactions from the community.
Hayden Adams, the founder of Uniswap took to Twitter to express his excitement and support for the proposal. “It’s a new entity (fully independent from Labs) that would help grow the Protocol and facilitate community contribution and governance, led by outstanding community members,” he tweeted.
While few others feel that the price is too high. The partner at Cinneamhain Ventures Adam Cochran tweeted that ‘$60M to UGP is misguided at this phase.’ He further said that ‘Uni Grants Program has thus far deployed ~$7M in grants so and its frankly been underwhelming.’
If the current ongoing straw poll passes, the proposal will be put to a final vote on the Snapshot governance voting platform on August 8.
Subscribe to The Crypto Times for more DeFi news!!
