The foundation of the cryptocurrency industry’s leading decentralized exchange (DEX) is releasing cryptocurrency assets with governance voting on new fee mechanism approaches.
In a new blog post, the Uniswap Foundation shared its Q1 2024 financials to demonstrate transparency with the Uniswap (UNI) token holding community.
“As of March 31, 2024, we have $41.41 million USD and stables, while UNI has $730,000 USD. Fiat (USD) cash and Stable are used for grant making and operational activities, and UNI is used to reward employee tokens. The expected runway is until the end of 2025 and is set as follows:
Grant Commitments and Incentives: $25.77 million will be awarded in 2024 and 2025. $2.94 million was previously reserved for grants. The remaining $12.7 million will be used for operating expenses until the end of 2025.”
The announcement expands on how the Uniswap Foundation has pledged more than $4 million in grants, in addition to giving out nearly $3 million in grants. The financial summary shows the foundation spent $1.03 million on operating expenses.
The financial revelations come as the Uniswap community governance vote on a potential new autonomous fee collection system approaches on Friday, May 31.
The proposal features a new mechanism for future voting that aims to make fee adjustments more dynamic, reduce the burden on Uniswap governance, and maintain the “trusted neutrality” of the protocol.
The Uniswap Foundation first introduced a new fee mechanism to the community in February to increase UNI token holders’ participation in governance voting.
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