The Uniswap community voted in favor of creating the Uniswap Foundation to support open-source development and community governance on the protocol.Â
The voting ended on August 24 with more than double numbers of votes in favor of proposal.
The Uniswap community granted permission to form a Uniswap Foundation (UF).
According to the proposal, Uniswap Foundation will provide grants to builders, researchers, organizers, academics, and analysts, as well as assess the way of its expansions.
Also Read: Uniswap Community Considers Proposal of Uniswap Foundation
UF strives to support the growth of decentralization and develop a more sustainable ecosystem for the Uniswap protocol.
For the initial run, UF seeks $74 million fund in total from the Uniswap DAO treasury. $14 million fund will be spent as operating cost behind , which will cover the expense of the full team. Remaining $60 million will be allocated for the Uniswap Grants Program (UGP) budget.
Apart from this, the proposal also demands for 2.5 million UNI tokens to participate in governance.
