The Uniswap Labs community has already begun to consider a new proposal to set up a Uniswap Foundation in the United States (US), but it will cost $74 million initially.

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So far, the proposal has received mixed reactions from the community, with many praising the fund’s plans to support and expand the Uniswap ecosystem, while others have dismissed its high price tag.

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The offer of 5 August was put forward former Uniswap Labs Chief of Staff Devin Walsh and Uniswap Grants Program Manager Kenneth Ng, noting that the foundation’s primary goal is to “support decentralized protocol growth, energize governance, and act as an advocate for the protocol,” according to Walsh.

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If he passes the vote, the Uniswap Foundation (UF) will be incorporated in Delaware and lead by Walsh as chief executive, with Ng as head of operations.

To bring her vision to life, Walsh has requested $74 million in UNI tokens over three years, $60 million of which will be used for her own Uniswap Grant Program (UGP) and another $14 million will be used as an “operating budget” to assemble a team of 12 people.

Uniswap is the world’s largest decentralized exchange (DEX) by trading volume. Uniswap V3, the third version of the DEX, has earned $793.8 billion in the last 24 hours, putting it on par with centralized exchanges (CEXs) Huobi Global and KuCoin. according at CoinGecko.

Uniswap founder Hayden Adams proclaimed in an August 4 tweet that he was “sooo excited about this offer”. Adams seemed confident that the proposal would be accepted when he added, “Once it is accepted, the Foundation will be another team working towards a future where the Protocol will not just survive – it will thrive!”

While the proposal still enjoys significant support from Adams and other members of the Uniswap community, it has faced a significant group of detractors who say the price is too high.

Cinneamhain Ventures partner Adam Cochran shared his approval of UF’s goals, but added in an Aug. 4 tweet that the $60 million for UGP is “wrong at this stage.”

Cochran noted that $7 million in grants already awarded to the current UGP has been spent on “underwhelming” issues. He concluded that while UGP has invested in several worthy ventures, “I don’t think the current performance deserves ‘Give us $60 million + $14 million to run it within 3 years’.”

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Co-author of the decentralized game Dark Forest Scott Sunarto also felt that UF’s goals matched the growth potential of the protocol, but there was too much “garbage” in the proposal. He suggested that UF focus on “protocol development and research and development.”

The proposal will be put to a final vote on the Snapshot governance voting platform on August 8 if the current ongoing straw poll is passed.

UNI is up 1.4% over the past 24 hours to trade at $9.04. according at CoinGecko.