Uniswap Diamond Gets Largest Portion of Foundation’s First $1.8M Grant

By September 22, 2022DeFi
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Uniswap Diamond Gets Largest Portion of Foundation’s First $1.8M Grant
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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

Uniswap Diamond received the largest chunk of Uniswap Foundation’s newly-announced first wave of grants. The total grant sum stands at $1.8 million, with Diamond set to receive $808,752, the single biggest recipient in this wave.

Uniswap Diamond Wins More than $808K in Grants

Uniswap Foundation just announced its first wave of grants, totaling $1.8 million. The single largest recipient in the first wave of grants is the Uniswap Diamond, which will receive $808,725 across 3 disbursements. A total of 14 participants will receive the grants in this round, Uniswap Foundation added.

“Diamond is one of the most ambitious initiatives ever to be funded by Uniswap Grants. This work will benefit all ecosystem stakeholders – enhancing the pro trader and LP experience, increasing market share, and easing development and on-chain data analysis.”

Uniswap Foundation Grants: Wave 1

Uniswap Diamond refers to a project that seeks to help Uniswap expand its dominance in the decentralized exchange (DEX) market into the broader crypto space. The reason for this is that even though Uniswap is considered one of the leaders of the DEX market, the exchange accounts for just 1% of the entire crypto trading market led by centralized giants like Binance and Coinbase.

Therefore, Uniswap Diamond plans to use the fresh funds to arm Uniswap with tools similar to those available on centralized exchanges, which it already competes with. The goal is to provide crypto traders with a set of features offered by off-chain exchanges while continuing to maintain “the benefits of being decentralized and on-chain.”

“In addition, the data layer being built to support Diamond will be totally open source, available for all developers and analysts to use.”

Uniswap Foundation Grants: Wave 1

Uniswap to Distribute Grants Across Three Key Categories

Uniswap, which recently faced a major fake airdrop scam, added that some of the grants were already completed in the past few months, while others were recently approved following the establishment of the Uniswap Foundation. The grants varied in size and scope and are distributed across three main categories including Protocol Growth, Community Growth, and Governance Stewardship.

Protocol Growth features a decentralized volatility oracle and a data analysis solution that pulls out data from the Uniswap subgraph and transfers it into a CSV file. The Community Growth grants cover a Uniswap v3 development course and events across Canada, Latin America, and Africa. Thirdly, some of the grants will go to the Governance Stewardship category, aimed at improving governance.

In addition to Uniswap Diamond, other recipients in the Protocol Growth category that received the grants include Uniswap.fish and Numoen, among others. Additionally, awardees within the Community Growth section include projects such as Phi, DeFi LATAM, and DeFi Africa.

Do you think Uniswap Diamond could help Uniswap grow enough to compete with the biggest centralized exchanges? Let us know in the comments below.

Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.

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