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  • Uniswap Foundation Shares Balance Sheet as Fee Vote Nears
  • Crypto

Uniswap Foundation Shares Balance Sheet as Fee Vote Nears

cryptovert May 28, 2024 2 min read
  • As
    of
    the
    end
    of
    Q1,
    the
    Uniswap
    Foundation
    held
    $41.41
    million
    in
    fiat
    and
    stablecoins
    and
    730,000
    UNI
    tokens.

  • The
    Foundation
    committed
    $4.34
    million
    in
    new
    grants,
    disbursed
    $2.79
    million
    previously,
    and
    designated
    UNI
    tokens
    for
    employee
    awards.

The
Uniswap
Foundation
–
the
nonprofit
behind
Uniswap
–
recently

shared
a
look

at
its
financials
days
before
the
community
moves
to
vote
to
enable
and
distribute
fees
autonomously.

According
to
a
balance
sheet
shared
by
the
Foundation,
at
the
end
of
the
first
quarter
it
held
$41.41
million
in
fiat
and
stablecoins,
along
with
730,000
UNI
tokens.
The
fiat
and
stablecoins
are
designated
for
grant
commitments
and
operational
activities,
while
the
UNI
tokens
are
reserved
for
employee
awards.


Later
this
week
,
UNI
token
holders
will
vote
for
a
new
fee
mechanism
that
would
shift
some
rewards
away
from
the
decentralized
exchange’s
liquidity
providers
to
its
token
holders
instead.

If
approved
–
and

prior
snapshot
polls

show
it
likely
will
be
–
the
proposal
will
transfer
control
of
the
mainnet
UniswapV3Factory
to
a
new
V3FactoryOwner
contract.
The
new
fee
distribution
plan
will
be
activated
in
a
second
vote
that
hasn’t
yet
been
scheduled.

SEC
threats
loom
large

This
comes
as
the
Uniswap
Foundation
prepares
to
fight
the
U.S.
Securities
and
Exchange
Commission
(SEC).

Recently,
the
SEC
issued
the
Foundation
a
Wells
notice
,
signaling
that
it
intends
to
recommend
enforcement
action
against
it
in
the
future.

The
Wells
Notice
targets
Uniswap’s
UNI
and
LP
tokens,
arguing
they
are
investment
contracts
and
alleging
that
they
violating
securities
laws.
Uniswap
Labs
disputes
this,
and
says
the
SEC
lacks
jurisdiction,
arguing
LP
tokens
are
merely
bookkeeping
devices.

Uniswap
also
argues
that
it
doesn’t
meet
the
SEC’s
own
definition
of
an
exchange.

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