Continuing with our series of financial transparency updates to the community, the Uniswap Foundation is excited to post the unaudited summary financials for the year ended December 31, 2024. Note that this report considers our financial position before our most recent governance proposal, Uniswap Unleashed, passed.

2024 marked a critical inflection point for the Uniswap Foundation, as we laid the groundwork for ecosystem alignment and value capture. Over the past year, Uniswap Foundation initiatives drove the growth and activation of the Uniswap developer community, accelerating the social and governance infrastructure that sustains them. Key achievements include:

• Onboarding 800+ hook developers from more than 60 countries, with dozens actively building production projects

• Fostering 150+ hook prototypes spanning a variety of use cases, in addition to an OpenZeppelin code library for developers to use as a guide

• Activating 100+ infrastructure and DeFi partners for Unichain

• Designing, engineering, and auditing the Unistaker contracts, which allow Uniswap Protocol revenue to be earned through delegation

• Initializing the Unichain Validator Network (UVN) to advance decentralization and compensate its validators and stakers with 65% of chain revenue

Along the way, the Foundation has grown to a team of 16 individuals, working across Growth, Protocol & Engineering, Governance, Legal, and Operations. To learn more about the Uniswap community’s accomplishments in 2024, explore our Community Impact Report. Please note some numbers have changed and will be discussed in the “FY’2024 Grants Committed and Disbursed” section.

Assets on Hand and Projected Funds Usage

On December 31, 2024 we had $29.8 million in USD and stables on hand and UNI 0.59 million (in UNI). The fiat (USD) cash and stables are to be used for grantmaking and operating activities and the UNI for employee token awards. The expected runway was through the end of 2025 and was earmarked as follows.

For grant commitments and incentives, a total of $21.82 million was allocated towards grants: $15.47 million to be committed in 2024 and 2025 and $6.35 million was reserved for grants committed previously, to be disbursed. The remaining $7.97 million was to be used to fund operations expenses through the end of 2025.

FY’2024 Grants Committed and Disbursed

In FY’2024, the Foundation committed $14.8 million in new grants and disbursed $9.9 million in committed grants. $3.1 million was disbursed in Q4’2024.

Protocol and Innovation Grants

We dedicated $4,385,975 to Protocol and Innovation initiatives in 2024, developing new core infrastructure and growth strategies that create value for the Uniswap and broader DeFi community. This allocation supported the launch of Unichain and Uniswap v4, the initiation of the Protocol Grants Program, and the development of the Uniswap v4 Liquidity Interface.

Developer Grants

In 2024, we committed $4,594,494 to the Developer growth initiatives, onboarding new developers to build on the Uniswap Protocol and support them through the development lifecycle.This funding supported engagements with over 1000 new Uniswap developers at Uniday and hackathons worldwide, and the onboarding of 350+ Solidity developers to Uniswap v4, providing free training to build hooks.

Governance Grants

We committed $1,545,000 to governance programs in 2024, with the goal of empowering Uniswap governance to support protocol growth and sustainability. Key results included driving governance mechanism innovation by developing Conditional Funding Markets with Butter, implementing UX improvements by Agora, and resourcing audits from Blockful to drive governance resilience, decentralization, and security.

Research Grants

In 2024, we provided a total grant commitment of $2,198,908 to seed new DeFi research and its practical implementations. Key initiatives like TLDR (The Latest in DeFi Research) and the Research Summer School Series resulted in the generation of new research pieces on AMMs, MEV, and Dark Pools, while driving engagement with over 620 researchers, engineers, and academics. 18 new research papers are currently under development through TLDR, and Allium Labs has made DEX related research simpler through easier data accessibility.

Security Grants

$1,964,650 was committed to security initiatives in 2024, with the goal to protect and enhance the security of Protocol users. Key programs included the facilitation of comprehensive audits for Uniswap v4, the launch of community bug bounty competitions, and upgrades to the security of Uniswap’s governance smart contracts.

Q4’2024 Disbursements:

Q1’2024, Q2’2024 and Q3’2024 financials, including grant commitments and disbursements, and operating expenditures are available to view here, here and here.

FY’2024 Summary of Activities

In FY’2024, the Foundation accrued $5.79 million in operating expenses, excluding 0.28 million employee token awards in UNI. The Foundation also realized $1.11 M in Revenue: Donations, Dividends and Interest in 2024.

Payroll expenses included salaries, benefits and taxes. Contract & professional fees included legal, accounting, technical audit, and consultant expenses. Office expenses included internal team events, such as offsites, software, transaction fees and other G&A. External events included conference and external event travel and attendance. Advertising & marketing included web design, agency fees, TLDR event hosting. Insurance: includes directors and officers insurance.

In the following financial update post, we will continue with Q1’2025 results, including grants commitments and disbursements, operating expenses and summary of financial position. 2023 unaudited financial summary is available here.