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Uniswap community members are seeking to create a new entity called the Uniswap Foundation that will address some of the shortcomings and improve the development of the protocol’s decentralized ecosystem.

The proposed Uniswap Foundation is seeking a budget of $74 million to be paid in two installments, while also asking for more than 2 million UNI tokens to participate in the governance process.

The proposed Uniswap Foundation aims to improve the ecosystem

Devin Walsh and Ken Ng submitted a proposal The Uniswap Foundation (UF) was created at the Uniswap Governance Forum on Thursday (August 4, 2022). Under the proposal, UFIDA will operate as an independent entity.

The new department will be responsible for improving aspects of the ecosystem, such as reducing friction in the governance process, providing more grants for ambitious and impactful projects, and making navigation easier.

To enable the new entity to function, the proposal calls for a $74 million budget for Uniswap’s native token, UNI. $60 million will be injected into the Uniswap Grants Program (UGP) budget to cover three years, and $14 million will be spent on operating costs for the entire team over the same period.

Meanwhile, the requested budget will be disbursed in two instalments of US$20 million and US$54 million.

The founders of the existing Uniswap Foundation, Walsh and Ng, will serve as executive producers and heads of operations, respectively, for the entity. Previously, Walsh was chief of staff at Uniswap Labs, while Ng was in charge of UGP for a year and a half. Additionally, UFIDA will become a Delaware-based company.

In addition to asking for a $74 million budget, the proposal seeks 2.5 million UNI tokens to participate in governance and calls for feedback from the community.

“We are excited to discuss the proposal with the wider community as it passes the comment stage. If sentiment is positive, a temperature check snapshot poll will be conducted on Monday 8 August. If the temperature check poll passes, the Incorporate additional feedback before conducting a consensus check.

Hayden applauds proposal effort

Uniswap founder Hayden Adams positive response Applaud the members behind the proposal to create a foundation and declare:

“The power of the ecosystem grows with every build and success of the team. IMO, after this past, the Foundation will be another team working on a future where the protocol not only survives – it thrives !”

as previously reported encrypted potatothe decentralized exchange giant has acquired NFT market aggregator Genie, with plans to enable users to trade NFTs through Uniswap’s web app.

Meanwhile, the platform recently suffered a phishing attack that resulted in the loss of over $8 million worth of ETH.

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