Uniswap Unveils Funding Plan For Ecosystem Revamp As UNI Price Hits 4-Month Low
In a move aimed at advancing their vision of creating a self-sovereign Internet with a permissionless alternative to traditional finance (TradFi), the Uniswap Foundation (UF) has submitted a proposal to secure the second tranche of funding .
The desired funding, totaling $62.37 million, will be put to an on-chain vote scheduled for Wednesday, October 4th, with a 10% buffer included to mitigate price volatility.
Uniswap Foundation Seeks Community Approval
The separation of the funding request into two tranches was initially established to allow the UF to finalize its legal entity and obtain non-profit status from the Internal US Revenue Service (IRS), as the company is based in Brooklyn New York, ensuring clarity on tax implications before receiving the larger portion of funds. The UF obtained this status in the spring of this year, prompting the request for the second tranche.
The first tranche of funding, approved by Uniswap governance last year, aimed for $20 million but experienced a decrease in value due to a drop in the price of UNI , the native token of the Uniswap Protocol .
Consequently, the Uniswap Foundation received $17.3 million worth of UNI, creating a remainder of $56.7 million to be requested in the second tranche. A 10% buffer of $5.67 million has been included to account for potential price fluctuations, bringing the total request to $62.37 million.
Read More: https://www.newsbtc.com/analysis/uni/uniswap-unveils-funding-plan-for-ecosystem-revamp-as-uni-price-hits-4-month-low/
In a move aimed at advancing their vision of creating a self-sovereign Internet with a permissionless alternative to traditional finance (TradFi), the Uniswap Foundation (UF) has submitted a proposal to secure the second tranche of funding .
The desired funding, totaling $62.37 million, will be put to an on-chain vote scheduled for Wednesday, October 4th, with a 10% buffer included to mitigate price volatility.
Uniswap Foundation Seeks Community Approval
The separation of the funding request into two tranches was initially established to allow the UF to finalize its legal entity and obtain non-profit status from the Internal US Revenue Service (IRS), as the company is based in Brooklyn New York, ensuring clarity on tax implications before receiving the larger portion of funds. The UF obtained this status in the spring of this year, prompting the request for the second tranche.
The first tranche of funding, approved by Uniswap governance last year, aimed for $20 million but experienced a decrease in value due to a drop in the price of UNI , the native token of the Uniswap Protocol .
Consequently, the Uniswap Foundation received $17.3 million worth of UNI, creating a remainder of $56.7 million to be requested in the second tranche. A 10% buffer of $5.67 million has been included to account for potential price fluctuations, bringing the total request to $62.37 million.
Read More: https://www.newsbtc.com/analysis/uni/uniswap-unveils-funding-plan-for-ecosystem-revamp-as-uni-price-hits-4-month-low/
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