Uniswap Foundation finished 2025 with $85.8M in assets and a heavy new grant push, according to unaudited year-end figures published Tuesday.
At the end of the year the foundation held $49.9M in cash and stablecoins, 15.1M UNI and 240 ETH. Over the course of 2025 it committed $26M in new grants and disbursed $11M against earlier commitments; Q4 activity included $5.8M in new grant commitments and $2.1M in disbursements. Operating expenses for the year totaled $9.7M, excluding 450,000 UNI in employee token awards.
The foundation also recorded significant inbound UNI: it received 20.3M UNI from the Uniswap Treasury under the Uniswap Unleashed governance proposal — a holding worth roughly $114M at year-end prices — and earned about $1.7M in interest on fiat balances. The financial summary is unaudited and reflects the foundation’s position prior to the UNIfication governance vote.
UNIfication, approved by governance on Dec. 26, restructured the foundation’s relationship with the wider Uniswap ecosystem and created a new legal entity called DUNI. In the report the foundation said $106.2M of its funds have been allocated to grants (broken down as $87.5M earmarked to be committed and $18.7M reserved for previously committed grants awaiting payout) and $26.3M set aside for operations and employee token awards. Based on those allocations, the foundation projected a runway through January 2027, with plans to update that timeline in its Q1 2026 report to reflect the post-UNIfication organizational changes.
The financial update arrives alongside major protocol milestones in 2025: the launch of Uniswap v4 — bringing hooks and a programmable architecture for on-chain liquidity — and Unichain, a dedicated chain aimed at high-performance DeFi. The foundation said more than 1,500 developers onboarded to v4 during the year, underscoring growing developer interest as the ecosystem restructures and funding is redirected under the UNIfication framework.
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