What to know : The Uniswap Foundation ended 2025 with $85.8 million in assets, largely in cash, stablecoins and UNI tokens, after receiving 20.3 million UNI from the Uniswap Treasury and earning $1.7 million in interest. The foundation committed $26 million in new grants and disbursed $11 million in 2025, while spending $9.7 million on operations and reserving $106.2 million overall for grants and $26.3 million for operations and employee token awards. The financials precede the UNIfication governance overhaul that created a new legal entity called DUNI, with the foundation projecting its funding runway through January 2027 and highlighting major protocol milestones such as Uniswap v4 and the Unichain launch.
The Uniswap Foundation held $85.8 million in total assets at the end of 2025, split between $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH, according to unaudited summary financials published Tuesday.
The foundation committed $26 million in new grants during 2025 and disbursed $11 million against prior commitments. In Q4 alone, $5.8 million in new grants were committed and $2.1 million disbursed. Operating expenses for the full year came to $9.7 million, excluding employee token awards of 450,000 UNI.
On the revenue side, the foundation received 20.3 million UNI, worth roughly $114 million at year-end prices, from the Uniswap Treasury through the Uniswap Unleashed governance proposal. It also earned $1.7 million in interest on fiat holdings.
The numbers reflect the foundation's financial position before the UNIfication proposal, approved by governance on Dec. 26, which restructures the relationship between the foundation and the broader Uniswap ecosystem. A new legal entity called DUNI was formed as part of that process.
Of the total funds, $106.2 million was earmarked for grants ($87.5 million to be committed, $18.7 million reserved for previously committed grants awaiting disbursement) and $26.3 million for operations and employee token awards.
The projected runway extended through January 2027, though the foundation said that timeline will be updated in its Q1 2026 report to reflect the post-UNIfication organizational changes.
The report lands alongside a year of significant protocol milestones, including the launch of Uniswap v4, which introduced hooks and a programmable architecture for on-chain liquidity, and Unichain, a dedicated chain for high-performance DeFi applications. The foundation said more than 1,500 developers onboarded to v4 during the year.
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