Uniswap developers asked the cryptocurrency community for $ 74 million

The Uniswap Labs ecosystem development team has submitted a proposal to the community to create a charitable organization to help Uniswap develop and expand. Uniswap hopes that the cryptocurrency community will invest in this idea — $ 74 million is needed.

As it became known, the Uniswap Foundation (UF) will support the decentralized growth and stability of the Uniswap protocol and its ecosystem. As for the amount needed: $ 14 million in UF is needed for the operating budget and to cover the expenses of a team of 12 people for three years; $ 60 million in UF is needed to finance grants to developers, scientists, and analysts involved in the development and development of the Uniswap protocol.

The cryptocurrency community is divided over the funds needed for Uniswap Labs. Some support this initiative and are ready to donate their own savings. Others, on the contrary, believe that $ 74 million is too much money. Adam Cochran, a partner at Cinneamhain Ventures, recalled that 1.5 years ago, the Uniswap team had already launched a similar initiative, the Uniswap Grant Program (UGP), but the program proved to be ineffective.

Users also drew attention to the unstable value of the Uniswap cryptocurrency (UNI). Thus, in early August, experts noticed signs of a prolonged token pullback and emphasized that the price of UNI could fall by 50% in the near future. Despite the fact that UNI grew by about 80% in July and reached almost $ 9 (at the time of writing, Uniswap has jumped in price and is trading at $ 9.19), its value risks falling to $ 4.50 in September this year.