Continuing with our series of financial transparency updates to the community, the Uniswap Foundation is pleased to publish the unaudited summary financials for the year ended December 31, 2025.
This report reflects the Foundation’s financial position prior to the changes post approval of the UNIfication governance proposal on December 26, 2025, which represents an important structural evolution for the Uniswap ecosystem.
2025 marked a defining year for the Uniswap ecosystem, with major protocol launches, governance developments, and ecosystem expansion that strengthened the foundation for long-term growth.
During the year, the ecosystem achieved several key milestones:
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Launch of Uniswap v4, introducing hooks and a programmable architecture that significantly expands the design space for on-chain liquidity
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Launch of Unichain, extending the Uniswap ecosystem with dedicated infrastructure designed to support high-performance DeFi applications
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Continued expansion of the Uniswap developer ecosystem, with more than 1,500 builders onboarding to v4 and thousands of hooks initialized across the ecosystem
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Additional funding approved for the Uniswap Foundation through the Uniswap Unleashed governance proposal, strengthening the Foundation’s ability to support ecosystem development
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Formation of the DUNI legal entity, approved by governance to support the evolving structural needs of the ecosystem
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Publication of the UNIfication proposal, outlining a framework to better align the ecosystem’s institutional and governance structures
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Governance approval of UNIfication on December 26, 2025
Alongside these ecosystem developments, the Foundation continued supporting the growth of the Uniswap ecosystem through grants, developer programs, governance infrastructure, research initiatives, and ecosystem partnerships.
To learn more about the Uniswap community’s accomplishments during the year, please refer to the Uniswap Foundation Ecosystem Impact Report: 2025.
Assets on Hand and Projected Funds Usage
On December 31, 2025 we had $49.9 million in USD and stables, 15.1 million UNI, and 240 ETH, or $85.8 million market value in tokens in USD terms at December 31, 2025’s closing rate on hand. 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 $106.2 million was allocated towards grants: $87.5 million to be committed and $18.7 million was reserved for grants committed previously, to be disbursed. $26.3 million was to be used to fund operations expenses and employee token awards.
*The projected spend will be updated in the Q1’2026 report post UNIfication proposal passing and subsequent organizational changes.
Q4’2025 Grants Committed and Disbursed
Q4’2025 Commitments:
In Q4’2025 the Foundation committed $5.8 million in new grants and disbursed $2.1 million in committed grants. FY’2025, the Foundation committed $26 million in new grants and disbursed $11 million in committed grants.
Q4’2025 Disbursements:
Q1’2025, Q2’2025 and Q3’2025 financials, including grant commitments and disbursements, and operating expenditures are available to view here, here and here.
FY’2025 Summary of Activities
In Q4’2025, the Foundation accrued $3.2 million in operating expenses, excluding 0.11 million employee token awards in UNI. The Foundation also realized $0.5 million in Revenue: Dividends and Interest in Q4’2025.
In FY’2025, the Foundation accrued $9.7 million in operating expenses, excluding 0.45 million employee token awards in UNI. The Foundation also received UNI 20.3M (in UNI) - or $114M market value at December 31, 2025 - from the Uniswap Treasury via the Uniswap Unleashed Proposal. The Foundation also realized $1.7M in Interest Revenue on fiat holdings.
*Ops expenses exclude employee token awards
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 Q1’2026 results, including grants commitments and disbursements, operating expenses and summary of financial position. 2024 unaudited financial summary is available here.