Key Takeaways:
- Uniswap Foundation holds $41.41 million in fiat and stablecoins, plus 730,000 UNI tokens.
- Plans for on-chain voting by May 31 to adopt a new fee mechanism for its v3 pools, aiming at decentralized governance.
- Despite an SEC Wells notice, Uniswap proceeds with the fee switch proposal, asserting SEC lacks jurisdiction over its decentralized operations.
The Uniswap Foundation disclosed financial details, holding $41.41 million in fiat and stablecoins, plus 730,000 UNI tokens as of the first quarter’s end.
It allocated $4.34 million for new grants and distributed $2.79 million in previously committed grants.
Earlier this month, we posted our 2023 financial summary, in line with our commitment to transparency.
— Uniswap Foundation (@UniswapFND) May 25, 2024
Now, we're excited to share Uniswap Foundation's Q1 2024 financials.
Read more on Mirror: https://t.co/bKRwV4lHO6 https://t.co/jlvGmuXlvc
These funds support both grant-making and operational activities, while UNI tokens are designated for employee awards.
Uniswap also announced plans for on-chain voting by May 31 to adopt a new fee mechanism for its v3 pools, a move towards decentralized autonomous fee management.
This proposal involves transferring control of UniswapV3Factory to a new V3FactoryOwner contract, a critical step in decentralized governance.
🗣️ Next Friday, May 31, the UF will initiate the onchain vote to upgrade the Protocol so that its fee mechanism can reward UNI token holders that have staked and delegated their tokens.
— Uniswap Foundation (@UniswapFND) May 24, 2024
If you are a UNI holder who wants to vote on this proposal, you **must** have your UNI…
Approval of this proposal is crucial, although it doesn’t include fee activation, which is scheduled for future discussion.
Despite receiving a Wells notice from the SEC, accusing it of operating as an unregistered securities exchange,
Uniswap will proceed with the fee switch. Uniswap Labs contends that the SEC lacks jurisdiction over its decentralized operations.
Today @Uniswap responded to the SEC's Wells notice
— hayden.eth 🦄 (@haydenzadams) May 21, 2024
We believe the SEC should embrace open source technology that makes markets cheaper, faster, and more safe
Tokens are a file format, like a pdf. And the Uniswap Protocol is a general purpose internet protocol that anyone can… https://t.co/uPpPBhfBRF
This contention arises as U.S. legislation is poised to potentially redefine SEC and CFTC crypto regulation authority.
The ongoing SEC investigation into Uniswap Labs began in 2021 amidst regulatory pressures that led to token delistings.
Uniswap’s proposal also suggests modifying its fee structure to benefit UNI tokenholders who stake or delegate their tokens, thereby fostering greater governance participation and community involvement in decision-making processes.
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