Continuing with our series of financial transparency updates to the community, the Uniswap Foundation is excited to post the unaudited summary financials for the quarter ended March 31, 2025. Note that this report considers our financial position after our most recent governance proposal, Uniswap Unleashed, passed.

Assets on Hand and Projected Funds Usage

On March 31, 2025 we had $53.4 million in USD and stables on hand, UNI 15.8 million (in UNI) and 257 ETH or $95 million in tokens in USD terms at March 31, 2025 closing rate. Another 5M UNI was held externally as collateral, with a $29M loan to the Foundation against the collateral. The loan was structured against a financial instrument that allowed the Foundation to access immediate fiat (USD) liquidity while minimizing market impact and providing downside protection and additional upside on the collateral.  The fiat (USD) cash and stables on hand were to be used for grantmaking and operating activities with significant UNI reserves held for future runway needs, allowing for additional upside exposure.  The expected runway was through January 2027 and was earmarked as follows.

For grant commitments and incentives, a total of $115.1 million was allocated towards grants: $99.8 million to be committed in 2025 and 2026 and $15.3 million was reserved for grants committed previously, to be disbursed. $33.3 million was to be used to fund operations expenses and employee token awards through January 2027.

Q1’2025 Grants Committed and Disbursed

In Q1’2025, the Foundation committed $12.4 million in new grants and disbursed $2.1 million in committed grants. $9.9* million of the $12.4 million in new commitments was for grants in 2026 through 2029, demonstrating our long term commitment to the protocol.  *Select multi-year commitments reflected in the committed grants amount include provisions that allow for reimbursements by Unichain Partners to the Foundation of up to 100% of the committed amount upon achievement of certain growth metrics.

Uniswap Foundation’s Q1 2025 strategy focused on establishing the Protocol and Unichain as foundational infrastructure for global digital value transfer by strengthening network effects and equipping governance. The approach was anchored in four strategic priorities: (1) enhancing capital efficiency across active EVM chains through targeted liquidity incentive programs to drive organic liquidity growth; (2) developing premier DeFi platforms by investing in developer support, education, and infrastructure, thereby expanding the builder ecosystem and reinforcing demand; (3) activating sustainable revenue streams and equipping governance with tools such as potential legal entity formation and validator network support to enable adaptive, high-impact funding decisions; and (4) onboarding and incentivizing long-term, protocol-aligned Core Contributors. These efforts were designed to keep Uniswap at the forefront of DeFi, ensuring its competitiveness, resilience, and ability to adapt and grow over time through robust governance and community engagement.  Read more about our Priorities below and our strategy in the 2025 Uniswap Unleashed Governance Proposal here.

Q1’2025* Commitments Detail:

*Select multi-year commitments reflected in the committed grants amount include provisions that allow for reimbursements by Unichain Partners to the Foundation of up to 100% of the committed amount upon achievement of certain growth metrics.

Q1’2025 Disbursements Detail:

Q1’2025 Summary of Activities

In Q1’2025, the Foundation accrued $1.9 million in operating expenses, excluding 0.1 million employee token awards in UNI.  The Foundation also realized $140.3 million in Revenue: Donations, Dividends and Interest in Q1’2025.  Donations of $140 million were raised via the governance proposal.

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 Q2’2025 results, including grants commitments and disbursements, operating expenses and summary of financial position. Unaudited FY’2024 financials, including grant commitments and disbursements, and operating expenditures are available to view here.