Uniswap Foundation (UF), a non-profit organization dedicated to supporting the growth and decentralization of the popular Uniswap DEX, will receive $46.2 million from the Uniswap DAO after a funding vote passed the quorum.
At its inception, UF received an initial $20 million from the Uniswap DAO to cover significant operating costs and a year’s worth of grants. With this vote, the Foundation will now receive the additional resources it was promised six to twelve months after its legal establishment.
Uniswap v3 is currently the largest decentralized exchange by total value locked (TVL). Information about DeFiLlama shows that it currently has a TVL of almost $2 billion, with a daily transaction volume of approximately $341 million.
“Last year, the Uniswap board approved the establishment and initial funding of the Uniswap Foundation. Today we are requesting the remainder of our initial funding to support our work over the next two years ($46.2 million),” UF wrote in a proposal.
Read more: The Uniswap community votes to create a first foundation
The proposal, whose voting will end on October 18, has already passed a quorum, with an overwhelming majority of uniswap (UNI) token holders voting in favor of handing over $46.2 million to the UF.
The UF will be delegated the $46.2 million through a smart contract from the Uniswap DAO. This smart contract ensures that the DAO has the ability to reclaim tokens via an additional vote.
Over the past year, UF has focused on providing grants to ecosystem participants. It has completed 40 grants to date and has allocated an estimated $4.5 million to various projects, according to a post on X.
Most notably, it helped launch Oku Trade and Oku API, a frontend designed to provide user experiences similar to those of a centralized exchange.
It was also involved in a partnership with Gauntlet to build a Dynamic Incentive Optimization engine to determine incentive strategies for automated market makers (AMMs).
Read more: What has Uniswap Labs come up with for v4?
After receiving the remainder of the initial funding, UF will focus on growing projects that build hooks on Uniswap v4, as noted in a forum post.