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In a move aimed at advancing their vision of creating a self-sovereign Internet with a permissionless alternative to traditional finance (TradFi), the Uniswap Foundation (UF) has submitted a proposal to secure the second tranche of funding. The desired funding, totaling $62.37 million, will be put to an on-chain vote scheduled for Wednesday, October 4th, with a 10% buffer included to mitigate price volatility. Uniswap Foundation Seeks Community Approval The separation of the funding request into two tranches was initially established to allow the UF to finalize its legal entity and obtain non-profit status from the Internal US Revenue Service (IRS), as the company is based in Brooklyn New York, ensuring clarity on tax implications before receiving the larger portion of funds. The UF obtained this status in the spring of this year, prompting the request for the second tranche. Related Reading: LINK Price Broke Critical Level, Macro Downtrend Behind? Analyst Forecasts The first tranche of funding, approved by Uniswap governance last year, aimed for $20 million but experienced a decrease in value due to a drop in the price of UNI, the native token of the Uniswap Protocol. Consequently, the Uniswap Foundation received $17.3 million worth of UNI, creating a remainder of $56.7 million to be requested in the second tranche. A 10% buffer of $5.67 million has been included to account for potential price fluctuations, bringing the total request to $62.37 million. The Uniswap Foundation plans to receive the funds in UNI, with the amount determined using a 30-day UNI/USD TWAP (Time-Weighted Average Price). The pricing and its source will be explicitly noted in the on-chain proposal to ensure transparency in the process. Regarding future operations, Uniswap currently holds 452,534 UNI tokens for employee vesting, valued at around $1.9 million. Factoring in a capital loss of $259,000 and the current UNI price, the UF has approximately $9.24 million remaining for operational expenses, expected to sustain them until Q4 2024. Lastly, according to the proposal discussion, the Uniswap Foundation anticipates revisiting governance in mid-2024 to extend its operational runway. UNI Consolidates Amid Bearish Market Sentiment Uniswap’s native token, UNI, has been consolidated between the price range of $4.198 and $4.311 over the past week. This price stagnation comes from the overall market trend and a bearish macro outlook, with the token experiencing a 0.5% decline in the fourteen-day timeframe. Furthermore, UNI has dropped 9.6% over the past 30 days, reaching a four-month low. In the short term, UNI bulls must defend the current price floor to establish a strong support level. They aim to surpass the resistance walls at $4.418 and $4.487 to break the downtrend structure and potentially rally toward $6.259. It is worth noting that this price level is still below UNI’s annual high of $7.629. Related Reading: Crypto Analyst Predicts Huge Double-Digit Breakout For Bitcoin Price According to Token Terminal data, Uniswap’s circulating market cap currently stands at $3.67 billion, experiencing a recent decrease of 6.66%. The fully diluted market cap, which considers the total number of UNI tokens that could enter circulation, stands at $4.27 billion, displaying an 8.15% decrease. The total value locked (TVL) in Uniswap, representing the amount of cryptocurrency assets deposited and utilized within the platform, has recently declined by 5.31%. This decline reflects the broader Decentralized Finance (DeFi) sector’s challenges. Featured image from Shutterstock, chart from TradingView.com

Uniswap Unveils Funding Plan For Ecosystem Revamp As UNI Price Hits 4-Month Low

The Foundation plans to issue $15 million per year in community grants to fund DeFi projects.

Uniswap Foundation targets $62M in additional funding

The post Uniswap Foundation Requests $62 Million for Ecosystem Development! appeared first on Coinpedia Fintech News The Uniswap Foundation has put forward a proposal to request $62.37 million to support the growth of the ecosystem. The funds will be allocated to developer support, research funding, and other initiatives aimed at enhancing the platform. The proposal is set to be voted on on October 4, after which the funds will be distributed …

Uniswap Foundation Requests $62 Million for Ecosystem Development!

Elliptic has disclosed that cyber-criminals responsible for the Mixin Network hack currently control more than 90% of the project's USDT holdings

Report: hackers control over 90% of Mixin’s USDT holdings

Uniswap (UNI) seems to have encountered a major obstacle in its price recovery attempts in the $4.30 range in September. On-chain analysis provides data-based Uniswap price prediction for the coming weeks. The post Uniswap (UNI): Chain Activity Increases! What Are the Expectations for the Token? appeared first on COINTURK NEWS.

Uniswap (UNI): Chain Activity Increases! What Are the Expectations for the Token?

Yield Farming price tokens may be losing their steam, or so it seems. Over the past few months, many yield farming tokens have lost significant value, making them unattractive to crypto investors. Among crypto tokens that fall under this category are UNI, SNX, COMP, BAL, and YFI. Uniswap (UNI) Uniswap is one of the most The post Yield Farming Tokens Are Becoming Less Attractive to Investors appeared first on Coin Edition .

Yield Farming Tokens Are Becoming Less Attractive to Investors

Uniswap (UNI) and VC Spectra (SPCT) are two emerging players in the crypto space with the potential to become major crypto titans. While Uniswap dominates the Polygon network, VC Spectra offers innovative decentralized asset management, democratizing access to the blockchain industry. Both of these top altcoins are attracting attention and could shape the future of ... Read more

Uniswap (UNI) and VC Spectra (SPCT): Identifying the Next Major Crypto Titans!

Uniswap Price Prediction 2023-2032 For anyone considering the switch from centralized finance (CeFi) to decentralized finance (DeFi), here’s a thought: Why do we constantly update the Uniswap Price Prediction? The fight is on for the survival of the fittest crypto project, and we need to keep you informed despite social media maneuvers by certain quarters! ... Read more

Uniswap Price Prediction 2023-2032: Will UNI Keep Steady?

OpenSea flags possible security breach, board member at Celsius' NewCo steps down, Venezuelan authorities find Bitcoin miners during police raid and more.

What happened in crypto this weekend?

Bitcoin price continues to strive to form a straight line as possible over the weekend. But what about altcoins? The post Will the Rise Momentum in Bitcoin Continue? Uniswap News and Analysis appeared first on COINTURK NEWS.

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