It's a go! Uniswap Foundation becomes a reality after 86M votes in favour

The foundation aims to streamline Uniswap's grants program and "reinvigorate governance."The $74 million plan by two former Uniswap Lab executives for a new Uniswap Foundation has just become a reality after their proposal received over 99% of the votes from UNI token holders.

According to the initial proposal, the foundation aims to streamline Uniswap’s Grant Program (UPG) and reduce friction in the protocol’s governance system.

Former Uniswap Labs executive Devin Walsh, now serving as executive director of UF, shared the results in a tweet on Aug. 24, noting that the proposal to create the foundation “passed its final vote!”

According to the Uniswap website, the foundation saw more than 86 million, or 99% of total votes, in favour of the proposal, with only 770 votes against it.

The votes in favour come despite the initial proposal seeing diverse community reaction when it was first announced on Aug. 5.

The voting period started on Aug. 17 and was cut off at 2:19 pm GMT +10 deadline on Aug. 24. The votes were conducted on Uniswap’s app, with voters needing to hold the UNI token to vote.

For the vote to pass, a threshold of 40 million votes was needed to be cast in favour of the UF. Walsh said that the UF has already “hit the ground running” on its top priorities,

including interviewing "talented, values-aligned candidates" to join the team, scaling up the UPG and "reinvigorating governance."

According to the Uniswap Foundation's job board, employees they're looking to hire include Community Lead, Partnerships Lead,

Governance Lead, Grants Analyst and Leads, Communications and Finance Leads, and Developer Relations and Protocol Leads.

Is it decentralized or not?

But despite the votes being cast heavily in favour of the UF, some on Twitter have questioned how much control the community has over Uniswap decisions. Chainlink Community Ambassador “ChainLinkGod,"

With 150,200 followers on Twitter, Uniswap’s decentralized autonomous organization (DAO) should “determine how funds raised are used” rather than a centralized foundation.

Another community member suggested that the voting outcome was a “whale run”, with the top 20 addresses voting with 81.57 million, or 99.7% of tokens used to vote in the proposal.

Walsh, now Head of Operations Ken Ng, plans on building a team of 12 and has requested $74 million from the Uniswap decentralized autonomous organization (DAO) treasury,

which currently holds over $3 billion worth of UNI tokens. Of the $74 million, the UF plans on distributing $60 million to the Uniswap Grant Program (UGP) and the remaining $14 million to cover the operating budget.

Uniswap is the world’s largest decentralized exchange (DEX) by trading volume. Since Uniswap’s inception in Nov. 2018, the protocol has supported more than $1 trillion in cumulative volume, with its daily volume often competing with that of centralized exchange Coinbase. - cointelegraph

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