- The polls were open from August 17 to Wednesday, August 20 at 2:19 pm GMT +10.
- There needed to be at least 40,000,000 votes cast in support.
After receiving more than 99% of the votes from Uniswap (UNI) holders, the $74 million proposal by two former Uniswap Lab executives for a new Uniswap Foundation has become a reality. Initial plans for the foundation included streamlining the Uniswap Grant Program (UPG) and making the protocol’s governance mechanism more streamlined.
Ex-Uniswap Labs executive and current UF exec director Devin Walsh tweeted the news on Wednesday, writing that the proposal to establish the foundation “passed its final vote!”
More than 86 million people (or 99 percent of the total) voted in line with the notion, while just 770 (or 1 percent) voted against it, as stated on the Uniswap website. Although the plan was met with mixed community response when it was initially revealed on August 5, the votes in favor show that the community has come around.
$74 Million Requested
The polls were open from August 17 to Wednesday, August 20 at 2:19 pm GMT +10. Votes were cast through the Uniswap app, and voters were required to have UNI. There needed to be at least 40,000,000 votes cast in support of the UF for it to prevail.
According to Walsh, the UF has “hit the ground running” in addressing its most pressing concerns, such as expanding the UPG’s reach and “reinvigorating governance” by conducting interviews with “talented, values-aligned candidates” for team positions.
Although the votes were overwhelmingly in favor of the UF, some on Twitter have questioned how much influence the community truly has on Uniswap’s policies. Walsh and Kenneth Ng, who is now the head of operations, want to take it further and asked the Uniswap DAO, which controls more than $3 billion in UNI, for $74 million.
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