Coinspeaker Uniswap Announces $3M Grant in Q2 2024 Financial Report
The non-profit organization Uniswap Foundation released its financial health summary during the second quarter of the year 2024. In a blog post on Wednesday, August 7, Uniswap announced that it has introduced $3 million in grants for new projects on the platform.
Furthermore, the Uniswap Foundation noted that it held a total of $36.81 million in cash as well as stablecoins, along with 680,000 in UNI tokens. The organization also explained that it would use the cash and stablecoins for grants moving ahead. Similarly, it has kept the UNI tokens reserved for “employee awards”.
The Foundation said that these funds will help them sustain the activity throughout the end of 2025. Furthermore, it also has allocations set at $26.12 million for grants and another $10.69 million in other operational expenses.
During the second quarter, the Uniswap Foundation committed more than $3.2 million in new grants along with disbursing $2.5 million from the previously committed grants. By June 30, the organization had committed a total of $7.55 million in grants for the year and had disbursed $5.27 million.
Uniswap Price Actions
The Uniswap price has shot up to $6.0 levels amid the broader market recovery gaining more than 5% in the last 24 hours. The altcoin has seen constant downward momentum ever since hitting the level of $13 earlier in April this year.
Furthermore, the recent market uncertainty led to additional selling pressure on Uniswap amid the global market sell-off on Monday. Uniswap experienced a bearish crossover as the 20-day and 50-day EMAs dropped below the 200-day EMAs. Meanwhile, according to the VPVP indicator, the price action was occurring in a relatively low liquidity zone.
On-chain data shows that the UNI token will continue to show further volatility. The MACD maintained its downtrend following a bearish crossover below the equilibrium. Buyers should wait for a bullish crossover between these lines, as it would signal a reduction in near-term selling pressure.
Furthermore, the data from CoinGlass shows that the open interest has declined, and the funding rates are showing a strong edge for the sellers. The decrease in open interest, coupled with increased volume, indicates that many traders are closing their positions due to market volatility and profit-taking. Despite the overall market downtrend, long/short ratios on Binance and OKX reveal strong bullish sentiment, particularly among top traders.
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Uniswap Announces $3M Grant in Q2 2024 Financial Report
