Uniswap Foundation targets $62M in additional funding

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Decentralized exchange (DEX) Uniswap ( $3.23 ) is seeking an on-chain vote to approve the second tranche of the $74 million funding for its developer Uniswap ( $3.23 ) Foundation.

According to the September 27 announcement, the second tranche of funding, with a buffer of 10% for price volatility, is worth an estimated $62 million and will be decided via an on-chain vote on October 4. If approved, the funds will be used for operations and research grants. The Uniswap ( $3.23 ) Foundation is responsible for growing core protocol metrics, building a pipeline for innovation, and aligning incentives for stakeholders of the popular DEX.

Developers explained that over the next year, they plan to build a software development kit for Uniswap ( $3.23 ) V4 and support its subsequent migration, having already received $17.3 million in the first tranche for this target. The Uniswap ( $3.23 ) Foundation team said the funding request was split in two to allow more time to register its legal entity and receive non-profit 501(c)4 status from the Internal Revenue Service, which developers say was finalized in spring before receiving the larger lump sum payment.

In the last 12 months, Uniswap ( $3.23 ) Foundation disclosed a total of $4.8 million spent on research grants, $3.15 million for operations, and a $1.29 million loss on capital from the market decline of Uniswap ( $3.23 ) (UNI) tokens between the initial governance proposal and receipt of funds. “The UF has $53.2M in grants capital remaining to disburse. We plan to disburse $10-$15M per year, with the amount disbursed per year increasing over time,” developers wrote.