The $74 million plan by two ex-Uniswap Lab executives regarding a new Uniswap Foundation initiative has just been possible, following 99% of the votes in favor from Uniswap (UNI) holders.

Specifically, as detailed in the initial proposal, the foundation reportedly works towards a primary goal of enhancing Uniswap’s Grant Program (UPG), along with bringing down friction in the protocol’s governance system. 

Former Uniswap Labs executive Devin Walsh, now taking the role of the executive director for UF, reportedly revealed the outcomes via a Twitter post on August 24th, claiming that the proposal to create the foundation “passed its final vote!”. 

Per the Uniswap website, the foundation reportedly witnessed over 86 million, or 99% of total votes, positively leaning towards the proposal, with about 770 votes in the opposite direction. The supporting votes come regardless of the initial proposal witnessing mixed community reaction upon its initial announcement on Aug. 5.

The voting phase reportedly began on Aug. 17th and was closed at 2:19 pm GMT +10 deadline on August 24th. The votes were carried out on Uniswap’s app, with voters required to have the crypto coin UNI in their portfolio so as to vote. 

For the vote to pass, a threshold of 40 million votes needed to be cast in favor of the UF.

Walsh reportedly claimed that the UF has already “hit the ground running” regarding its highest priorities, nominally interviewing “talented, values-aligned candidates” to take part in the team, scaling up the UPG, and “reinvigorating governance.”

According to the Uniswap Foundation’s job board, employees they’re looking to hire include community leaders, partnerships lead, governance lead, grants analyst and leads, communications and finance leads, and developer relations and protocol leads.