What comes as a testament to the blockchain ecosystem’s democratic nature, the Uniswap Community has unanimously voted for a new development on the platform.
One of the most popular decentralized exchanges out there, Uniswap is undergoing a transformational change by creating a community called Uniswap Foundation, which is an organization aiming to support open-source development and community governance within the Uniswap protocol.
We will know more about the Uniswap Foundation, the vote that approved it and how it might affect the platform and its users.
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The Uniswap Vote: What’s the Story?
Between August 17th and August 20th, the team at Uniswap had a live poll ongoing. The sole purpose behind this poll was to gather votes and opinions of the Uniswap community on the platform’s latest initiative.
The votes were cast through the Uniswap app, and only the ones who held UNI Token could vote in the poll. For the Uniswap Foundation to get the final go-ahead, 40,000,000 votes were supposed to be cast in its favour.
After the vote ended, the Uniswap Foundation ended up getting 99% of the votes from the UNI holders. The vote further allocated $74 million to the efforts, initiated by two Uniswap Lab executives.
More than 86 million people voted in favour of the new Uniswap Foundation, with just one per cent or 770 users voting against it, as stated by the Uniswap website. While the initial proposal was faced with mixed responses from both spectrums, the votes tend to show a different picture.
What Would The Uniswap Foundation’s Role Be?
The Uniswap Foundation has been set up after a proposal by the Uniswap Lab executives. The community has voted for the Foundation that will support decentralized growth and the long-term stability of the protocol.
Contrary to other entities, the Uniswap Foundation will be independent and will focus on supporting and facilitating the operations of the exchange’s protocol and ecosystem.
The roots of the Uniswap Foundation lie in a proposal by two Uniswap community members Devin Walsh and Ken Ng. In a statement by Walsh to Blockworks, he stated “We are thrilled about the support the foundation has received from the community thus far and have been so energized by the conversations we have had over the past few months,”.
The foundation has requested around $74 million from Uniswap’s $3.4 billion balance sheet.
This amount shall be bifurcated into two separate areas. $20 million shall be used for operating expenses and grants in the coming years, and the remaining $54 million shall be handed over to them after the Foundation’s legal entity is established.
Areas of Improvement
The main agenda behind setting up the Uniswap Foundation is to focus on a set of areas. According to Devin and Ken, the Foundation aims to “support the decentralized growth”.
Here are three major areas, Uniswap will be looking into:
1. Reducing Governance Friction
Prior to approving any governance proposals, Uniswap’s process involves a high level of coordination and effort. The duo wants to speed up the governance friction for high-impact and high-value projects.
In a statement, Walsh said, “There is far too much friction in the governance process today, there is no clear source of funding to put in the amount of research, thought and care that we think should go into some of these proposals.”
He plans to use the grant funding to improve experiences and support research and use the median participation rates as a benchmark.
2. Improved Navigation
Another aspect that the Uniswap Foundation strives to improve is navigation. The existing ecosystem is difficult to navigate. This makes it difficult for the developers to find developer tooling and know which libraries are available.
Moreover, a lack of an official point of contact to locate documentation makes the entire process even more cumbersome.
“Making it easier to navigate the ecosystem will be the key to long-term sustainability and growth in a decentralized protocol,” Walsh mentioned in a statement.
3. Larger Grants Disbursements
The grant program by Uniswap has been active for more than a year and a half now. While the grant has provided funds to a number of projects, it is believed by the duo that for the entire Uniswap ecosystem to grow more ambitious and impactful projects should be given importance.
“A number of individuals have [expressed their excitement] about building very high impact and ambitious projects if the proposal passes, having a non-dilutive funding source for some of these projects would be very exciting for the long-term Uniswap ecosystem,” Walsh mentioned in a statement.
Uniswap community members have been deploying several projects to make the overall ecosystem more developer-friendly.
With the platform’s growth and consistent focus on development and improvement in the overall interface, it shows an overall optimism for its investors.
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