Uniswap community approves $165.5 million fund allocation to pave the way for fee conversion

Odaily Planet Daily News The Uniswap community voted to approve a grant of $165.5 million to the Uniswap Foundation to support protocol development and governance, paving the way for the long-promised fee switch. According to the proposal, the grant will be gradually distributed over three years, with $125 million in the first phase and $20.25 million in the subsequent two phases. The funds are mainly used to fund ecosystem construction, research and development, and promote the decentralized governance process of Uniswap. This resolution also lays the foundation for the future activation of the fee switching function. If the function is activated, Uniswap may allocate part of the transaction fees to UNI token holders and improve the profit distribution mechanism within its protocol. Currently, Uniswap's daily trading volume is stable at around $1 billion, and the launch of the fee switching function may have a profound impact on the DeFi ecosystem. (The Block)