Uniswap Passes First Successful Proposal, Hires Grants Lead

Key Takeaways

  • UGP will initially start as a grassroots program by sponsoring hackathons and other events.
  • The program will have a budget of $750,000 each quarter.
  • The Grant Allocation Committee will consist of six members, one lead and five reviewers.

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Presented by Jesse Walden of Variant Fund and co-authored by Kenneth Ng, the Uniswap Grant Proposal (UGP) has passed successfully. The proposal aims to bolster the development of the Uniswap ecosystem.

Grants Lead to Earn $85 Per Hour

UGP will begin as a grassroots program, sponsoring hackathons, and other events, which are not capital intensive. 

The program will have a budget of $750,000 each quarter. The community will assess the budget and caps on a bi-annual basis. The funds will come from the Uniswap Community Treasury, which currently has 172 million UNI, worth ~$579 million at press time.

The Grant Allocation Committee consists of six members, one lead, and five reviewers. Each member will serve a six-month term, after which the governance community will renew the program.  The lead role is compensated by 25 UNI per hour, or ~$85, and is capped at 30 hours per week. The co-author of the proposal, Kenneth Ng, will be the first to assume this inaugural role.

Previously, Ng helped grow the Ethereum Foundation Grants Program over the past two years.

When a community member asked for clarification on the lead’s compensation, Kenneth Ng, the lead and co-author of the proposal, swiftly responded

He said that the compensation is reasonable while also mentioning that the position is not a salaried compensation, rather a consultation position.

The five reviewers will maintain a system of checks and balances, ensuring that the lead is using the funds effectively. 

These reviewers will not be financially compensated, as their sole purpose is to help keep the system functioning whilst making sure that no wrongdoing occurs. These reviewers will have a 4-of-5 multi-sig set up to vote on…

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