The Uniswap DAO has approved the allocation of $46.2 million to the Uniswap Foundation (UF), a nonprofit organization dedicated to advancing the growth and decentralization of the popular Uniswap decentralized exchange (DEX). This decision comes after a successful vote that met the required quorum.

When initially established, the UF received an initial funding of $20 million from the Uniswap DAO to cover significant operational expenses and grants for one year. With this recent vote, the Foundation will now receive the additional funds it was promised within 6-12 months after its legal formation.

Uniswap v3 currently stands as the largest decentralized exchange in terms of total value locked (TVL), boasting a TVL of nearly $2 billion, along with a daily transaction volume of approximately $341 million, according to data from DeFiLlama.

In a proposal, the UF stated, "Last year, Uniswap governance approved the creation and initial funding of the Uniswap Foundation. Today we are requesting the remainder of our initial funding to support our next 2 years of work ($46.2M)."

The proposal, set to conclude voting on October 18th, has already achieved a substantial majority of uniswap (UNI) token holders voting in favor of allocating $46.2 million to the Uniswap Foundation (UF).

The UF will receive the $46.2 million through a smart contract facilitated by the Uniswap DAO, which will include provisions allowing the DAO to potentially reclaim tokens through an additional vote.

Over the past year, the UF has been dedicated to granting support to various participants in the Uniswap ecosystem. To date, it has successfully completed 40 grants and has pledged an estimated $4.5 million to various projects, as reported on X.

Notably, the UF played a key role in the launch of Oku Trade and Oku API, both of which provide front-end interfaces designed to deliver user experiences comparable to those of centralized exchanges.

Furthermore, the UF entered into a partnership with Gauntlet to develop a Dynamic Incentive Optimization engine, which is aimed at determining incentive strategies for automated market makers (AMMs).

After securing the remainder of its initial funding, the UF's primary focus will shift towards supporting projects that are actively developing on Uniswap v4, as outlined in a forum post.