We appreciate the work AlphaGrowth has put into building outbound business development for the Uniswap ecosystem and recognize the strategic direction of this initiative. We support several elements of the proposal— particularly the effort to meet users where they are by embedding DeFi into Web2 sites and expanding distribution to Youtube to spotlight ecosystem projects. Additionally, the early buildout of public-facing marketing infrastructure, including the @UniswapGrowth page on X, shows promising traction. We view the move toward more structured, DAO-enabled marketing as a meaningful step forward.
However, based on trial results and the current renewal structure, we cannot support this proposal without material revisions. Below, we outline the specific areas where performance fell short of expectations and where scope, cost, and clarity must be tightened for this program to earn renewed support.
Growth KPIs Are Unrealistic Based on Historical Evidence
While ~$5M in external incentives were secured, only ~$950k had been deployed during the trial, and early retention results are troubling. The available Dune dashboards provided by AlphaGrowth show:
- Saga: No meaningful retained TVL as reported in Dune. DefiLlama shows some activity, but there is a data discrepancy that needs clarification.
- zkSync: TVL has declined below pre-incentive levels.
- Optimism: Some growth beyond pre-incentive levels, suggesting partial stickiness.
Given these outcomes, projecting $40M–50M in sticky TVL from $4–5M in new incentives appears unrealistic without stronger historical validation. We recommend that the provided incentive dashboards include greater detail, such as campaign start/end dates, incentivized pool details, and liquidity retention figures over time to allow delegates to properly evaluate program impact.
Marketing Metrics Look Good on Paper but Lack Conversion Focus
The Uniswap Growth Q1 Social Report highlights a nearly 10× jump in impressions from 450K in February to 4M in March. However, engagement metrics remained flat, and the account currently sits at around 2,500 followers. We would appreciate an explanation from the AlphaGrowth team regarding these metrics and how they interpret this data. As it stands, the exponential growth in impressions without a corresponding rise in engagement suggests impressions may not be a meaningful KPI for program success.
While we appreciate the buildout of @UniswapGrowth from 0→1 and believe the Ungovernable podcast and other media efforts have significant value, it is important that reporting evolves to focus on deeper and more meaningful performance metrics.
Additionally, while broader distribution is important, the program underemphasized crypto-native ecosystems like Farcaster, Lens, and other Web3-native communities. Expanding into these channels would meet users where they are and strengthen grassroots engagement.
Mandate Overlap and Accountability Structures Are Unclear
The renewal proposal risks significant overlap with efforts already underway by other DAO-funded initiatives, including UAC (incentive deployment and dashboards), Oku (deployments), UTWG (growth fund research), and Uniswap Foundation (deployment and ecosystem support). There is also continued confusion around the UEII workstream, with unclear delineations between AlphaGrowth and other contributors.
Without clearer roles and responsibilities, it becomes difficult for delegates to evaluate program success or failure, and risks emerge around duplicate spending and mandate creep. More defined scope boundaries and accountability structures are needed to ensure proper oversight of all DAO-funded initiatives.
Final Position
We support the direction of the Uniswap Growth Program and believe outbound BD and embedded DeFi distribution into Web2 sites are critical next steps for Uniswap’s expansion. However, we can only support renewal if material revisions are made to scope, cost, accountability, and performance metrics. Absent these changes, we will not be able to support the proposal and would encourage AlphaGrowth to return with a tighter, more measurable renewal request.