Big financing request from Uniswap Foundation: Altcoin market is excited
According to a Sept. 27 announcement, Uniswap Foundation plans to hold an on-chain vote to approve the second tranche of $74 million in funding for its developer. With a 10% margin for price volatility, this financing will be valued at approximately $62 million. Meanwhile, a vote to be held on October 4 will decide whether these funds will be used for operations and research scholarships. The altcoin project included the following statements in the proposal:
- Uniswap aims to be an alternative to the closed dealer exchanges of traditional finance.
- Uniswap is building a solid ecosystem to develop and maintain its protocol in the long term.
- Last year, altcoin management approved $74 million in funding for the Uniswap Foundation.
- We planned to divide our financing request into two tranches.
- We request the second tranche via direct on-chain voting, adding 10% to mitigate altcoin price volatility.
- The total amount requested is $62.37 million.
- On-chain voting will take place in 1 week, on Wednesday, October 4.
- We will be hosting a Twitter Spaces on Monday, October 2nd.
- In this session, we will discuss the proposal and answer questions.
- In this article, we also provide a review of UF’s progress over the past year.
- We provide information about the team we have established, the scholarships we distribute and the programs we carry out.
- We also share our future plans and UF’s vision.
Last year, the proposal to create the @UniswapFND passed
Today, we provide a refreshed view into our vision for Uniswap, the role the UF plays, and the strategy we’re undertaking to achieve our goals.
We discuss what we’ve achieved, and what’s ahead.https://t.co/m4vkfyCLMG
— Uniswap Foundation (@UniswapFND) September 27, 2023
It’s up to the Uniswap Foundation to incentivize stakeholders of this popular DEX, grow key protocol metrics, and create a roadmap for innovation. The developers have announced that they plan to create a software development kit for Uniswap V4 next year and then support the migration of this version.
What happened in the first stage?
DeFi altcoin Uniswap has already received $17.3 million in its first tranche of funding. The reason for dividing this financing request into two is, firstly, to gain more time. The project also aims to register its legal existence. Finally, the purpose of this move was to obtain non-profit 501(c)4 status from the US Internal Revenue Service.
Expenditures in the last 12 months
Meanwhile, in the last year, Uniswap Foundation spent $4.8 million on research grants and $3.15 million on operations. Altcoin Uniswap (UNI) suffered a loss of $1.29 million due to the decrease in its market value. According to the developers, “UF still has a budget of $53.2 million to distribute. “We plan to distribute $10-15 million every year,” they said.
As a result, this development once again shows how big and important a player Uniswap is in the altcoin world. We are eagerly awaiting the results of whether this financing will be approved or not in the coming days. cryptokoin.com We have included a new investment move for the DeFi altcoin sector in this article.
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