Thanks for putting this proposal together — we really appreciate the thought and energy behind it.
Overall, we support AlphaGrowth’s work on the Growth Program Trial. However, this new proposal significantly broadens the scope compared to what was tested during the trial. In particular, we have concerns regarding the proposed ecosystem fund.
At this stage, it feels too early for Uniswap to allocate capital toward an ecosystem fund, especially one focused on acquisitions or strategic investments. Successful M&A activity in crypto has been extremely rare; even well-resourced ecosystems like Arbitrum have struggled to make acquisitions work meaningfully. It’s challenging to see Uniswap as an exception without a fundamentally different structure or approach.
Moreover, the potential targets mentioned seem to be at a very early stage (pre-seed). These would represent highly risky investments under any circumstances — arguably more speculative than strategic.
Finally, even if Uniswap were to pursue this direction in the future, an ecosystem fund should be developed as part of a broader, clearly defined global treasury strategy, not as a standalone initiative. We would strongly recommend first establishing an Investment Policy Statement (IPS) and a cohesive treasury framework, within which an ecosystem fund could be considered as one potential strategy, rather than the primary or sole focus.
We find the other aspects of this proposal interesting, especially “Embedded DeFi” and are supportive of those.