The Uniswap Foundation, the non-profit responsible for managing Uniswap DEX, has released its financial report for Q2 2024.
As of August 7, the Foundation reported that it has $36.81 million in cash and stablecoins in its reserves, with an additional $680,000 in UNI tokens.
According to the report, these cash and stablecoins are earmarked for grants and operational costs, while UNI tokens are allocated for employee awards.
During Q2, the Foundation allocated over $3.2 million in new grants and distributed nearly $2.5 million from prior commitments. By June 30, it had committed $7.55 million in grants for the year, with $5.27 million already disbursed.
According to the report, its operating expenses for the quarter amounted to $1.6 million, with 8.2% directed toward advertising and marketing, while payroll and professional fees accounted for 47.9% and 35.2%, respectively.
These cash and stablecoins are earmarked for grants and operational costs, while UNI tokens are allocated for employee awards.
The Foundation projected that its current holdings will support its initiatives through the end of 2025, with planned allocations of $26.12 million for grants and $10.69 million for operational expenses.
This financial report comes as other crypto-related organizations release their financial performance reports during the second quarter of 2024 to mixed reception. European Bitcoin miner Northern Data reported revenue growth, while U.S.-based Riot Platforms experienced a decline, which was attributed to the April Bitcoin halving event.
These varied results highlight the diverse impacts of recent market events on different sectors of the crypto industry. Notably, Northern Data claimed that it was on track to meet its targets for the year. At the same time, Riot’s CEO Jason Les expressed satisfaction with the company’s performance and highlighted the company’s operational growth and long-term strategy execution.
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