The Uniswap Foundation, which helps grow Uniswap, has shared its financial details for the second quarter, showing it has a lot of cash and stablecoins but only a small amount of UNI tokens.
As of August 7, the foundation holds $36.81 million in cash and stablecoins and only 680,000 UNI tokens. The cash and stablecoins will be used for grants and running the foundation, while the UNI tokens are set aside for employee bonuses.
The foundation plans to use these funds until the end of 2025, with $26.12 million for grants and $10.69 million for its operating costs.
In the second quarter, the foundation approved over $3.2 million in new grants and paid out nearly $2.5 million from earlier grants. Recently, they gave $379,000 to Panoptic to develop a new platform and $512,000 to Unit Zero Labs and Anthias Labs for research into the Uniswap ecosystem.
By the end of June, they had committed $7.55 million in grants, with $5.27 million already distributed. The foundation’s operating costs for the quarter were $1.6 million, spent mainly on payroll, advertising, and professional fees.
Earlier this year, the Uniswap community voted against a proposal that would have shared Uniswap’s revenue with UNI token holders. The proposal aimed to change how fees are handled on the platform, allowing some revenue to be distributed to token holders.
Despite this, another proposal to start collecting revenue passed with strong support. The fee-switch, which has been a long-term goal since Uniswap’s UNI token launch in 2020, was not approved this time.
In February, Uniswap also launched a new browser extension with tools for easier cryptocurrency transactions, including a feature for placing limit orders to buy or sell at set prices.