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Two former Uniswap Lab executives' $74 million proposal for a new Uniswap Foundation has recently become a reality after receiving more than 99% of the votes from Uniswap (UNI) holders.
The foundation's initial plan calls for streamlining the Uniswap Grant Program (UPG) and lowering friction in the protocol's governance structure.
Devin Walsh, a former executive at Uniswap Labs who is currently the executive director of UF, tweeted the outcomes on Wednesday, noting that the foundation proposal "passed its final vote!"
Last night our proposal to create the Uniswap Foundation passed its final vote!
— Devin Walsh (@devinawalsh) August 24, 2022
🦄🦄🦄https://t.co/B2VOAeg5is
The foundation received more than 86 million votes in support of the idea, or 99% of the total, with only 770 votes against it, according to the Uniswap website. The votes come despite the first idea receiving a mixed reception from the public when it was initially made public on August 5.
The voting period began on August 17 and ended on Wednesday at 2:19 PM GMT +10. Voters have to possess UNI in order to cast their ballots on the Uniswap app. A minimum of 40 million votes have to be cast in support of the UF in order for the vote to pass.
Walsh claimed that the UF has already "hit the ground running" on its main priorities, which include expanding the UPG, "reinvigorating governance," and interviewing "brilliant, values-aligned applicants" to join the team.
The Uniswap Foundation is hiring community lead, partnerships lead, governance lead, grants analyst and leads, communications and finance leads, developer relations and protocol leads, among other positions, according to their job board.
Central or dispersed?
Even though the UF received a majority of the votes, several Twitter users have questioned how much influence the community actually has over Uniswap choices.
Uniswap's decentralized autonomous organization (DAO), rather than a centralized foundation, should "choose how monies raised are spent," according to ChainlinkGod, a community ambassador with 150,200 followers on Twitter.
What’s the point of Uniswap DAO if Uniswap labs can build/do whatever they want? Treasury is not what makes something a DAO
— MercenaryLP (@MercenaryLP) August 20, 2022
And how is foundation withholding capital? ICO funds were raised with mandate to support protocol development, not be an insurance backstop
Another member of the community said that the vote was a "whale run," with the top 20 addresses receiving 81.57 million votes, or 99.7% of all tokens cast.
Uniswap has a history of passing fairly unanimous proposals. Today the community voted to accept a US$ 74mn expense to create the Uniswap Foundation (UF).
— Ishita Srivastava (@ishita7077) August 24, 2022
But....US$ 74mn is a lot of money...and was it really the community that voted this in?https://t.co/BeavvElVK3
Walsh and Ken Ng, the current head of operations, intend to expand their staff to 12 people and have asked the Uniswap DAO Treasury, which now contains more than $3 billion in UNI, for $74 million.
The UF intends to give $60 million of the $74 million to the Uniswap Grant Program (UGP) and use the remaining $14 million to pay for operating expenses.
By trading volume, Uniswap is the biggest decentralized exchange (DEX) in the planet. The protocol has facilitated more than $1 trillion in cumulative volume since Uniswap's launch in November 2018, with its daily volume frequently vying with that of centralized exchange Coinbase.
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