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Uniswap to vote on new fee system after revealing finances
At the end of the first quarter of 2024, the Uniswap Foundation released a financial statement showing its value in both fiat currency and cryptocurrencies. The figure shows that he has $41.41 million in fiat currency, cryptocurrencies, and stablecoins, and he also holds 730,000 UNI tokens worth $11.43 per token.
This comes just in time as the exchange prepares for a crucial vote that will establish a new system for collecting and distributing fees.
In the first trimester, the Foundation disbursed approved grant proceeds totaling $2.79 million and made new grant commitments amounting to $4.34 million. Normal cash and stablecoins are used to distribute grants or cover operational expenses, while UNI tokens are reserved for employee token rewards.
The Uniswap Foundation, however, is launching a voting process on whether to automatically capture and distribute fees for Uniswap v3 pools by May 31 of this year. This approval will result in the transfer of control of the UniswapV3Factory mainnet to a new V3FactoryOwner contract, marking an important move towards decentralization of governance on Uniswap.
Furthermore, regardless of recent claim by the United States Security Exchange Commission, according to which unregistered brokerage activities took place at Uniswap; this amendment would still be applicable in these circumstances. However, before current laws, the SEC could not regulate this company because its unmanned protocol was considered beyond its jurisdiction according to Uniswap Labs.
This vote coincides with a proposed bill Congress has called the Financial Innovation and Technology for the 21st Century Act, which could influence how the SEC and CFTC oversee crypto activities.
Until now, all fees generated on Uniswap were paid to liquidity providers. However, according to the new suggestion, fees will be distributed among UNI token holders who stake or delegate their tokens to encourage active participation and true community engagement.