‘Unaudited Summary Financials Released by Uniswap Foundation Before Vote on New Fee Mechanism’
The leading decentralized exchange (DEX) in the crypto world is taking steps towards transparency as a crucial governance vote on a new fee mechanism looms. The Uniswap Foundation recently released its financial report for the first quarter of 2024, revealing the details of its crypto assets to the UNI token-holding community.
According to the blog post, as of March 31, 2024, the foundation held .41 million in USD and stablecoins, as well as 0.73 million UNI tokens. These assets are allocated for grant-making, operating activities, and employee token awards. The foundation outlined its financial commitments, with .77 million earmarked for grants and incentives to be disbursed in 2024 and 2025, .94 million reserved for previously committed grants, and .7 million for operational expenses until the end of 2025.
The foundation also disclosed that it has already committed over million in grants and disbursed nearly million in grants, with .03 million in operating expenses incurred. These financial disclosures come ahead of a significant community governance vote on a new autonomous fee collection system scheduled for this Friday, May 31.
The proposed fee mechanism aims to introduce a more dynamic and efficient fee adjustment system, reducing the burden on Uniswap Governance while maintaining the protocol’s neutrality. The Uniswap Foundation initially introduced the idea in February to encourage greater participation from UNI token holders in governance decisions.
