This Altcoin Community Makes Critical Decision: They’re Building Their Own Foundation!

UniSwap altcoin community members voted unanimously to establish the UniSwap Foundation, which aims to support decentralized growth and long-term sustainability.

The Uniswap Foundation will be an independent entity within the Uniswap ecosystem, fully focused on supporting the decentralized exchange’s own altcoin.

Foundation Vote Overwhelmingly Accepted by UniSwap Altcoin Community

Proposal to establish the Uniswap Foundation Uniswap cryptocurrency It was presented by community members Devin Walsh and Ken Ng, and with the great support of UNI token holders, voting ended on August 24.

Community member Walsh said in his statement:

“We’re thrilled with the support the foundation has received from the community so far and we’ve been very energized by the conversations we’ve had over the last few months.

However, we recognize that taking on this role is a huge responsibility and we do not take it lightly. We look forward to building strong relationships with as many community members as possible and to welcome new high-value contributors.”

The foundation wants to reduce management disruptions and improve circulation in the ecosystem in Uniswap for high-scale and value projects. However, the foundation requested 2.5 million UNI altcoins to participate in the management voting on the protocol.

The foundation also requests $74 million from the protocol’s $3.4 billion balance sheet, which will be split into two payments: $20 million will be allocated to operating expenses and grants in the coming years, and $54 million will be distributed by the Uniswap treasury after the foundation has established its legal entity.

Walsh said that since the proposal was accepted, the team at the Uniswap Foundation began working on their top priorities, such as building the talent pool, scaling the Uniswap Grant program and revitalizing the management process.

*Not investment advice.

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