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The Uniswap community votes for the Uniswap Foundation

  • Polls were open from August 17 to Wednesday, August 20 at 2:19 PM GMT +10.
  • There must be at least 40,000,000 votes cast in support.

After garnering more than 99% of the votes from Uniswap (UNI) holders, a $74 million proposal by two former Uniswap Lab executives for the new Uniswap Foundation has become a reality. The foundation’s initial plans included simplifying the Uniswap Grant Program (UPG) and making the protocol’s governance mechanism more streamlined.

Ex-Executive at Uniswap Labs and Current Executive at UF Devin Walsh He tweeted the news on Wednesday, writing that the foundation’s creation proposal “passed the final vote!”

More than 86 million people (or 99 percent of the total) voted in line with the idea, while only 770 (or 1 percent) voted against it, as reported in Uniswap website. Although the plan met with a mixed community reaction when it was initially revealed on August 5, supportive voices show that the community has come.

Asking $74 million

Polls were open from August 17 to Wednesday, August 20 at 2:19 PM GMT +10. The votes were cast through the Uniswap app, and voters were required to have a UNI. There must be at least 40,000,000 votes cast in support of the UF in order to prevail.

According to Walsh, the UF has “set into action” to address its most pressing concerns, such as expanding the reach of the UPG and “revitalizing governance” by interviewing “talented and value-aligned candidates” for team positions.

Although the votes were overwhelmingly in favor of the UF, some on Twitter questioned how much the community really affected Uniswap’s policies. Walsh and Kenneth Ngwho is now chief operating officer, wants to take it even further and ask Uniswap DAO, which controls more than $3 billion in UNI, for $74 million.

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#Uniswap #community #votes #Uniswap #Foundation

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