GFX Labs To Receive $1.6M For Diamond Initiative

Roughly a month after its inception, the Uniswap Foundation has completed its first round of grants with a total of $1.8M awarded. 

At just over $1.6M, by far the largest recipient is GFX Labs, an organization which has authored 6 of the 14 successful Uniswap governance proposals. The grant will go to an initiative called Uniswap Diamond, which will offer both an API and SDK for historical and real-time data, according to a post from the Uniswap Foundation. 

Diamond will also include an interface geared towards professional traders, which aims to increase Uniswap’s market share relative to centralized exchanges like Coinbase. 

Other grants include $50,000 awarded to two current Coinbase employees to develop an oracle which calculates token volatility and $25,000 to further develop uniswap.fish, a tool which helps users manage their liquidity positions. 

UNI token holders voted nearly unanimously to create the Uniswap Foundation in August. The organization aims to grow the Uniswap ecosystem primarily by way of $60M earmarked for grants over the next three-plus years.

Uniswap Foundation Proposal Clears Hurdle

New Organization Would Be Tasked To Boost Growth and Improve Governance at No. 1 DEX

Uniswap is the clear leader among decentralized exchanges with 68.6% of trading volume flowing through the exchange over the last seven days, according to a Dune Analytics query.

The exchange’s UNI governance token is up 3% in the past 24 hours.

UNI Price, Source: The Defiant Terminal