HomeNEWSUniswap community reacts to $74 million expansion proposal

Uniswap community reacts to $74 million expansion proposal


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As per emerging reports, a decentralized exchange, Uniswap recently unveiled a $74 million proposal to expand its coast to the U.S. Reportedly, the proposal was relayed by Uniswap Labs’ former Chief of Staff, Devin Walsh and Uniswap Grant Program lead, Kenneth Ng. Walsh believes setting up a hub in Delaware will “support the Protocol’s decentralized growth, reinvigorate governance, and serve as a Protocol advocate”.

However, the Uniswap proposal has consequently generated a series of controversies, particularly from members of its community. As revealed, some members of the Uniswap community sees the implementation cost of the proposal as highly expensive. Meanwhile, others commended the initiative, saying it will help the protocol grow.

Wash and Ng tends to serve as the executive director and head of operations. The former chief of staff asked for $74 million in Uniswap native tokens over three years to implement the proposal. He hinted that  $60 million from the funds would be deployed into Uniswap Grant Program (UGP). Also, Walsh said he intends to deploy the remaining funds into the establishment of a team of 12 experts for the new hub in the U.S.

Uniswap community divided over proposal

Reportedly, the community appears divided by the proposal. The members condemning the initiative insist that despite the good prospects attached to the proposal, the cost is too burdensome. A partner with Cinneamhain ventures, Adam Cochran, endorsed the effort of the protocol to expand its coast. However, Cockran sees the cost as too bulky and outrageous. According to him, expending over $60 million for the UPG appears highly expensive.

Another community member, Scott Sunarto, a co-creator of the Dark Forest game, said the proposal possesses too many “fluff”. However, he admitted that UF goals are in accordance with Uniswap’s goal for growth. But he feels the protocol needs to focus more on “R&D”. Now, the acceptability of the proposal will translate into the establishment of the foundation in Delaware.

Uniswap intends to commence final community voting on the snapshot governance platform next Monday. Hayden Adams, founder of the decentralized exchange commended the proposal. Adams believes the proposal possesses what it takes to earn the support of the community. According to him, the establishment of another outlet of Uniswap in U.S tends to aid the growth of the firm.

As of today, Uniswap’s native token (UNI) trades at $9.03 with a 24-hour trading volume of $199,672,015. Reportedly, the token posseses a circulating supply of 460 Million UNI coins and a total supply of 1 Billion.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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