The Uniswap Foundation disclosed holding $41.41 million in fiat and stablecoins, along with 730,000 UNI tokens in Q1 2024.
According to the publication, the Foundation committed $4.34 million in new grants during this period and disbursed $2.79 million for previously committed grants. The cash and stablecoins are earmarked for funding and operational activities, while the held tokens are allocated for employees.
Uniswap Foundation announces an online vote before May 31 on a proposal to establish a new fee mechanism for Uniswap v3 groups. If approved, control of UniswapV3Factory will transfer to a new V3FactoryOwner contract, marking a significant step in Uniswap’s decentralized governance. However, this vote will not activate the fees; this issue will be addressed in a future proposal.
Uniswap Foundation will proceed with the fee switch despite the SEC’s Wells notice alleging securities law violations. Uniswap Labs asserts that the SEC has no authority over its decentralized protocol. This response comes as the US House of Representatives prepares to vote on a bill that could change how the SEC and CFTC regulate cryptocurrencies.
The SEC has been investigating Uniswap Labs, the primary developer of Uniswap, since 2021. Uniswap has delisted several tokens due to increased legal pressure. Previously, Uniswap’s fee revenue was distributed to liquidity providers (LPs) who support the exchange’s trading and market liquidity.
Back in February, the Uniswap Foundation proposed introducing a fee reward system to encourage UNI token holders to participate more actively in governance decisions, thereby enhancing community engagement and the decision-making process.
