The Uniswap Foundation had $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 an unaudited financial summary published Tuesday.
The foundation committed $26 million in new grants through 2025 and disbursed $11 million from previous commitments. In the fourth quarter alone, $5.8 million in new grants were committed and $2.1 million disbursed. Operating expenses for the full year amounted to $9.7 million, excluding token employee awards of 450,000 UNI.
In terms of revenue, the foundation received 20.3 million UNI, worth approximately $114 million at year-end prices, from the Uniswap Treasury through the Uniswap Unleashed governance proposal. He also earned $1.7 million in interest on trust holdings.
The figures reflect the foundation’s financial situation prior to the UNification proposal, approved by governance on December 26, which restructures the relationship between the foundation and the broader Uniswap ecosystem. As part of that process, a new legal entity called DUNI was formed.
Of the total funds, $106.2 million was allocated to grants ($87.5 million to be pledged, $18.7 million reserved for previously pledged grants awaiting disbursement) and $26.3 million to operations and token employee awards.
The projected runway was extended to January 2027, although the foundation said that timeline will be updated in its first quarter 2026 report to reflect post-UNification organizational changes.
The report coincides with a year of major 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 joined version 4 during the year.
