As alluded to in our last update, UGP is back with updates to our operational processes and drumroll a new wave of Grantees!
Wave 2 is awarding five grantees a total of $232,733 across four categories. More information and links to their projects below:
Budget Increase
Earlier this month we were able to set a new precedent for lightweight governance in the form of snapshot decision making! This was monumental in being able to unlock capital given to UGP from the community treasury that had not previously been accounted for. We have been fortunate in the price rise, but had only budgeted in USD value.
Thankfully ~550 voters delegated >15.5M+ UNI to approve both the budget increase of UGP Q2 to $1M USD and $500k in matched funding to the Uniswap V3 Bug Bounty Program.
Hopefully in the future, others can follow this precedent in lightweight governance without needing to achieve quorum each time. This might have huge implications for treasury management committees if there's another black swan event (knock on wood!) or in the chance that something/someone has their private keys compromised to replace multisig signers.
Processing Improvements
The goal of UGP has always been to show that this structure can be impactful in providing grants and additional forms of support to the builders and multipliers of the UNI ecosystem. As such, we began with specific focus areas and have been expanding to accommodate greater needs. We are proud to be absolutely inundated with submissions, and are actively still processing applications based on scope and prioritizations rather than just chronological order. However, we also understand that for many of these projects, any n+1 months can make or break them.
For these reasons, UGP must do better than funding teams on a quarterly basis. Moving forward, we will be announcing smaller Grant Waves every 2-3 weeks. With the increased number of submissions through bounties, hackathons, and the general application process, we will be leaning on our existing grantees and UNI ecosystem advisors & contributors to help with evaluations as well for better processing speed.