Uniswap Foundation proposal draws mixed reactions over $74 million prize

The world's largest DEX could be backed by a new $74 million foundation if a new proposal from two community members passes a vote later this month.

The Uniswap Labs community has already started thinking about a new proposal that would form a Uniswap foundation based in the United States (USA), but first it will cost $74 million.

The proposal has so far drawn mixed feedback from the community, with many praising the foundation's plans to support and grow the Uniswap ecosystem, while others balked at its high price tag.

The Aug. 5 proposal was presented by former Uniswap Labs Chief of Staff Devin Walsh and Uniswap Grants Program Manager Kenneth Ng, noting that the foundation's primary goal is to " support the decentralized growth of the protocol, reinvigorate governance, and serve as an Advocate for the protocol,” according to Walsh.

If he passes a vote, the Uniswap Foundation (UF) would be incorporated in Delaware and led by Walsh as executive director, while Ng would become chief operating officer.

To realize his vision, Walsh requested $74 million in UNI tokens over three years, $60 million of which would be used for his own Uniswap (UGP) grant program, while an additional $14 million will be used as "budget operation" to build a team of 12 people.

Uniswap is the largest decentralized exchange (DEX) in the world by trading volume. Uniswap V3, the third version of the DEX achieved a volume of $793.8 billion in the last 24 hours, putting it on par with centralized exchanges (CEX) Huobi Global and KuCoin according to CoinGecko.

Uniswap founder Hayden Adams proclaimed in an Aug. 4 tweet that he was “So excited about this proposition.” Adams sounded confident the proposal would go through when he added, "After this, the Foundation will be yet another team working for...