Uniswap Foundation Established To Support Open Source Development

Uniswap Foundation was established with an overwhelming majority of votes in favor after Uniswap voting ended on the evening of August 23. It is an organization that aims to support open source development and community governance in the protocol.

The platform aims to streamline its funding process and minimize governance conflicts around developers who support the protocol’s community coffers within the Uniswap ecosystem and community support.

The organization is requesting $74 million from the DAO treasury, which currently holds more than $3 billion in UNI, the protocol’s native token. $14 million in the fund will support the fund’s team and $60 million will be used for developer grants.

“There’s no organization within the Uniswap ecosystem focused on reducing the friction in governance, and that is one area that the foundation will be focused on and is excited to work on,(…). We want to ensure that there will be a large, thriving ecosystem of organizations that are building on, integrating with, and organizing events in support of the protocol.”

Devin Walsh, a Uniswap community member who proposed the foundation alongside Kenneth Ng, told CoinDesk

Community members have been implementing projects to support developers in the ecosystem. In April, Uniswap Labs created a venture capital group to fund initial projects on the protocol. A month later, the DEX surpassed $1 trillion in total trading volume.

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