dailyhodl.com
The foundation behind crypto’s leading decentralized exchange (DEX) is disclosing its crypto assets as a governance vote for a new fee mechanism approaches.
In a new blog post, the Uniswap Foundation has shared its 2024 first-quarter financials in a show of transparency with the Uniswap (UNI) token-holding community.
“On March 31, 2024 we had $41.41 million in USD and stables on hand and UNI 0.73 million (in UNI). The fiat (USD) cash and stables are to be used for grant-making and operating activities and the UNI for employee token awards. The expected runway was through the end of 2025 and was earmarked as follows.
Grants commitments and incentives: $25.77 million to be disbursed in 2024 and 2025. $2.94 Million was reserved for grants committed previously, to be disbursed. The remaining $12.7 million was to be used to fund operations expenses through the end of 2025.”
The anouncement expands on how the Uniswap Foundation has committed over $4 million in grants, in addition to disbursing nearly $3 million in committed grants. The financial summary also shows that the Foundation incurred $1.03 million in operating expenses.
The financial revelations come as a Uniswap community governance vote regarding a potential new autonomous fee collection system approaches this Friday, May 31.
The proposal features a novel mechanism for future votes which aims to make fee adjustments more dynamic, reduce the burden on Uniswap Governance and to maintain the protocol’s “credible neutrality.”
The Uniswap Foundation first introduced the new fee mechanism to the community back in February to boost UNI token holders’ participation in governance votes.