A majority of ‘big whales’ in the Uniswap community have voted in favor of the proposed creation of a $74 million Uniswap Foundation. 86 million voters voted in favor of the proposal while 770 were against it.
Uniswap Foundation Sees Huge Community Support
Despite the initial criticisms and negative reactions that trailed the proposed launch of a Uniswap Foundation, the proposal has miraculously seen the light of day, as the controversial proposal had 86 million votes in its favor and 770 voted against it.
As recently reported by crypto.news, on August 4, Devin Walsh and Kenneth Ng, two former Uniswap Labs executives submitted a proposal for the creation of a Uniswap Foundation, which the creators claim will focus on supporting the decentralized growth and sustainability of the Uniswap Protocol and its community.
“The Uniswap Foundation (UF) will provide grants to builders, researchers, organizers, academics, analysts, and more to grow the protocol and plan for its future. It will make it easier to govern the protocol and community treasury and to navigate the broader ecosystem. It will help you make an impact – to reduce friction, and amplify your efforts,” stated Walsh at the time.
Voting went live on August 17 via the Uniswap app, and the process came to an end on August 24 at exactly 2:19 pm GMT +10, when the proposal surpassed the 40 million votes required for it to get approved.
Following the success of the UF proposal, Walsh, who will function as executive director of the Foundation took to Twitter to express his excitement, while also stating that the new Uniswap Foundation has already hit the ground running on some of its top priorities which include “interviewing talented, values-aligned candidates to join the UF team, scaling up the Uniswap Grants Program (Grants Wave 9 scheduled for September), and reinvigorating governance.”
As seen in the Uniswap Foundation job board, the organization is now looking to hire qualified professionals to fill up 10 key positions in its ecosystem, including Community Lead, Partnerships Lead, Delegate Relations Lead, Governance Lead, Grants Analyst, and more.
Despite the successful approval of the Uniswap Foundation proposal, criticisms have continued to trail the process. Uniswap DAO member Ishita Srivastava noted via a tweet that the voting process was entirely dominated by Uniswap whales, with the top 20 wallet address representing a massive 99.7 percent of the total UNI tokens used in the proposal.
“Uniswap has a history of passing fairly unanimous proposals. Today the community voted to accept a $74 million expense to create the Uniswap Foundation (UF). But… $74 million is a lot of money…and was it really the community that voted this in? tweeted @ishita7077.
Uniswap’s cumulative trade volume surpassed the $1 trillion mark for the first time in its existence earlier in May 2022. However, at the time of writing, it’s the fifth-largest DeFi protocol by asset under management according to DeFi Llama. Uniswap’s native token, UNI is trading at around $7.13.