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Crypto's Final Chapter
The Uniswap Labs community has already started to think about a new idea that would create a Uniswap Foundation in the United States (U.S.), but it will cost $74 million first.
So far, the community has had mixed reactions to the proposal. Many people like how the foundation wants to support and grow the Uniswap ecosystem, but others don't like how much it will cost.
The proposal was made by the former Chief of Staff of Uniswap Labs, Devin Walsh, and the head of the Uniswap Grant Program, Kenneth Ng, on August 5. Walsh said that the main goal of the foundation is to "support the Protocol's decentralized growth, reinvigorate governance, and serve as a Protocol advocate."
If it passes a vote, the Uniswap Foundation (UF) would be incorporated in Delaware and led by Walsh as executive director, while Ng would be in charge of operations.
Walsh has asked for $74 million in UNI tokens over three years to make her vision come true. Of this amount, $60 million would go toward the Uniswap Grant Program (UGP), and the other $14 million will be used as a "operating budget" to build a team of 12.
Uniswap has more trades than any other decentralized exchange (DEX) in the world. CoinGecko says that Uniswap V3, the third version of the DEX, did $793.8 billion worth of business in the last 24 hours. This puts it on par with centralized exchanges (CEXs) like Huobi Global and KuCoin.
Hayden Adams, who started Uniswap, tweeted on August 4 that he was "Sooo excited about this proposal." Adams seemed sure that the proposal would pass when he said, "If this passes, the Foundation will be another group working toward a future in which the Protocol doesn't just survive—it thrives!"
4/ Devin was Chief of Staff at Labs until she recently resigned to pursue building the Foundation with Ken. She’s been in crypto since 2016, working on decentralized identity @Consensys.
— hayden.eth 🦄 (@haydenzadams) August 4, 2022
She’s smart, a pleasure to work with, and passionate about decentralized protocols/DeFi.
Even though Adams and others in the Uniswap community have supported the idea so far, there is a large group of people who don't like it because they think the price is way too high.
Adam Cochran, a partner at Cinneamhain Ventures, agreed with the goals of the UF. However, he said in a tweet on August 4 that the $60 million for the UGP "is misguided at this stage."
1/17
— Adam Cochran (adamscochran.eth) (@adamscochran) August 4, 2022
So I don't mind the proposal to create a Uniswap Foundation - and I think its got decent planning.
But $60M to UGP is misguided at this phase.
Uni Grants Program has thus far deployed ~$7M in grants so and its frankly been underwhelming.https://t.co/Ri3VNOBh6c
Cochran said that the $7 million in grants that have already been given out by the current UGP have been used for "underwhelming" things. He came to the conclusion that the UGP had put money into some good projects, but that "I don't think the current performance warrants "Give us $60M + $14M to run it for 3 years."
Co-designer of the distributed game Dark Forest Scott Sunarto also thought that the goals of the UF were in line with the protocol's growth potential, but he thought that the proposal had too much "fluff." He said that the UF should focus on "protocol growth and research and development."
If the current straw poll goes in the right direction, the proposal will be put to a final vote on the Snapshot governance voting platform on August 8.
CoinGecko says that UNI has gone up 1.4% in the last 24 hours and is now worth $9.04.
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