What comes as a testament to the democratic nature of the blockchain ecosystem, the Uniswap community voted unanimously for a new development on the platform.
One of the most popular decentralized exchanges out there, Uniswap is undergoing a transformational change by creating a community called the Uniswap Foundation, an organization that aims to support open source development and community governance within the Uniswap protocol.
We’ll learn more about the Uniswap Foundation, the vote that approved it and how it can impact the platform and its users.
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Uniswap Vote: What’s the Story?
Between August 17 and August 20, the team at Uniswap conducted a live survey. The sole purpose of this survey was to collect the votes and opinions of the Uniswap community on the platform’s latest initiative.
The votes were cast through the Uniswap app, and only those who have held a UNI Token can vote in the poll. In order for Uniswap to receive the final green light, it was supposed to be voted on by 40,000,000 votes.
After the voting ended, Uniswap ended up receiving 99% of the votes of UNI holders. The vote also committed $74 million to efforts initiated by two Uniswap Lab executives.
More than 86 million people voted for the new Uniswap organization, with only 1 percent or 770 users voting against it, Uniswap reported. While the initial proposal faced divergent responses from both spectrums, voices tended to show a different picture.
What will be the role of Uniswap?
The Uniswap Foundation was created after a proposal by Uniswap Lab executives. The community voted for the institution that will support the decentralized growth and long-term stability of the protocol.
Unlike other entities, Uniswap will be independent and will focus on supporting and facilitating the exchange’s protocol and system operations.
The roots of the Uniswap Foundation lie in a proposal made by two Uniswap community members Devin Walsh and Ken Ng. In a statement Walsh made to Blockworks, he said,We are pleased with the support the Foundation has received from the community thus far and have grown very much out of the conversations we have had over the past few months.”
The organization requested about $74 million from Uniswap’s balance sheet of $3.4 billion.
This amount should be divided into two separate areas. The $20 million will be used for operating and grant expenses in the coming years, and the remaining $54 million will be handed over to them after the foundation’s legal entity is established.
areas of improvement
The main agenda behind the creation of Uniswap is to focus on a range of areas. According to Devin and Kane, the foundation aims to “support decentralized growth.”
Here are three main areas, which Uniswap will look into:
1. Reduce Governance Friction
Before any proposals for governance are approved, the Uniswap process involves a high level of coordination and effort. The duo wants to accelerate the governance friction of high-impact, high-value projects.
Walsh said in a statement: “There is a lot of friction in the governance process today, and there is no clear funding source to put the amount of research, thought, and interest that we think should go into some of these proposals.”
It is planned to use grant funding to improve expertise, support research, and use median participation rates as a benchmark.
2. Improved navigation
Another aspect that Uniswap seeks to improve is mobility. The current ecosystem is difficult to navigate. This makes it difficult for developers to find developer tools and see which libraries are available.
Moreover, the lack of an official contact to locate the documents makes the whole process more complicated.
Facilitating ecosystem navigation will be key to long-term sustainability and growth in a decentralized protocolWalsh in a statement.
3. Larger Grant Payments
The Uniswap Scholarship Program has been active for over a year and a half now. While the grant has provided funds for a number of projects, the duo believe importance must be given to the Uniswap ecosystem to grow more ambitious and impactful projects.
“Number of people have [expressed their excitement] On building high-impact and ambitious projects if the proposal passes, having an undiluted source of funding for some of these projects would be very exciting for the long-term Uniswap ecosystem,Walsh is mentioned in a statement.
Uniswap community members have published several projects to make the overall ecosystem more developer friendly.
With the platform’s growth and continued focus on development and improvement in the public interface, it is showing general optimism to its investors.
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