Uniswap is an Ethereum DeFi protocol whose governance is conducted via UNI token holders. Two recent governance proposals passed with broad support to allocate token-based funding to the Uniswap Foundation to support Uniswap V4 and Unichain. The Foundation’s prioritized work includes operations, grants, and investigating “activating revenue” (the so-called fee switch) to return protocol revenue to delegators and UNI holders. As part of that effort, the Foundation may explore creating a legal entity to provide legal clarity for enacting the fee switch and to enable contracting. The protocol has generated more than $4.4 billion in cumulative revenue and over $1 billion in the last calendar year. UNI token market movement followed the vote: the allocation totals roughly 29 million UNI and the token has recently traded near $6.83, up nearly 18% over the last week but down about 2% in the past 24 hours. Uniswap Labs builds and operates the Uniswap decentralized exchange protocol and related products. The protocol commands 64% of all DEX volumes, according to DeFi Llama, and its token has a market cap of nearly $5 billion (peaking above $22.5 billion last year). The firm said it plans to add several new products, including NFT trading across multiple marketplaces and a wallet, and is investing in its web app, developer tools and mobile. The governance community voted to create the Uniswap Foundation, which will support the protocol’s decentralized development and distribute at least $60 million in grants. Uniswap Labs raised $165 million in a Series B at a $1.66 billion valuation, strengthening its financial position. The raise comes amid a crypto funding downturn, with VC investment in crypto down 37% year‑on‑year to $4.44 billion in the quarter ended September, per PitchBook.

Total raised

$342M

Funding rounds

2

Latest round

Equity

Latest activity

Mar 2025