Uniswap Foundation Becomes Reality After 86M Votes in Favour

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

UniSwap Foundation becomes reality after 86m votes in favour of two former UniSwap Lab executives’ plan to set up the Foundation.  Their proposal reportedly received over 99% of the votes by UNI token holders.

In their $74million-dollar initial proposal, the duo explained that the foundation’s goal is to streamline UniSwap’s Grant Program (UPG) and thus ensure the protocol’s governance system operates smoothly.

Devin Walsh, one of the two former UniSwap Labs executives and a current executive director of UF, shared the voting result via a tweet on August 24. He noted that the proposal has “passed its final vote”, opening the way for them to create the Foundation.

On its website, UniSwap explained that the proposal recorded over 86 million votes or 99% of the total votes in its favour while a mere 770 people voted against the proposed foundation. The overwhelming support for the Foundation’s establishment came despite the initial mixed reaction the proposal received when it was announced on August 5.

The one-week-long voting period began on August 17 and ended at 2:19 PM GMT + 10 on August 24. Voting took place on the UniSwap app and only UNI token holders had voting rights. The UF needed a minimum of 40 million votes to pass the test, a figure it more than doubled.

Walsh announced that the UF is working round the clock to achieve its priorities including interviewing values-aligned and talented candidates to join the team.

Related: Nike Sets a New Sales Record With $185 Million in NFT Sales

UniSwap Foundation announced via its job board that it had openings for a wide range of professionals such as Partnership Lead, Community Lead, Developer Relations, Communications and Finance leads, as well as Developer Relations, Grants Analyst and Leads, and Protocol Leads.

The project is a joint effort of Walsh and Ken Ng, current Head of Operations. The duo planned to build a 12-member team and requested the UniSwap Decentralized Autonomous Organization (DAO)’ treasury to finance the project with $74 million from the $3 billion worth of UNI tokens in its possession.

$60 million from the $74 million will be distributed to the UniSwap Grant Program while the rest is earmarked for the operating budget.

However, despite receiving the green light to proceed with the Foundation’s creation, some Twitter users have taken to the microblogging platform to question “how much control the community actually has on UniSwap decisions.”

As reported by Cointelegraph, ChainLinkGod, a Chainlink Community Ambassador stated that the exchange’s DAO should make fundraising decisions, not a centralized foundation.

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