Key takeaways:
- As of the end of the first quarter, the Uniswap Foundation reported having 730,000 UNI tokens and $41.41 million in fiat and stablecoins.
- The Uniswap Foundation has also declared that on-chain voting will be used to propose a new pricing system.
As of the end of the first quarter, the Uniswap Foundation reported having 730,000 UNI tokens and $41.41 million in fiat and stablecoins.
The report states that during this time, the Foundation awarded $2.79 million in previously committed awards and committed $4.34 million in new grants.
The UNI tokens are set aside for employee token awards, while the fiat cash and stables are allocated for grant-making and operational tasks.
The Uniswap Foundation has also declared that on-chain voting will be used to propose a new pricing system. As per the foundation, the proposal delineates an essential phase for executing self-governing fee collection and allocation in Uniswap v3 pools.
After the proposal is approved, a new, specially created V3FactoryOwner contract will take over management of the mainnet UniswapV3Factory, a significant step towards Uniswap’s independent governance. Conversely, the fees won’t be activated by the vote; they will be covered in a later proposal.
The Uniswap Foundation declared that the free switch would continue even after the US Securities Exchange Commission (SEC) received a Wells notice over the DeFi protocol. The notice, published in April, said that the company had broken securities laws by operating as an unregistered securities exchange and broker.
Uniswap Labs asserted that, in light of existing legislative classifications, the SEC lacks the power to oversee its decentralized system.
On the other hand, the revised plan would divide protocol fees among UNI token owners who stake or assign their tokens, establishing a system of incentives that promotes significant contributions to the Uniswap ecosystem and rewards proactive participation.
The Uniswap Foundation proposed a fee compensation system back in February with the goal of encouraging UNI token holders to participate more actively in governance choices, which would improve community involvement and decision-making procedures.
