Harvard Law's blockchain initiative sells half of $20 million grant from Uniswap DAO

Quick Take

  • Harvard Law’s Blockchain and Fintech Initiative received $20 million in grant funding from the Uniswap DAO earlier this month.
  • Despite promising to allocate the funds over the next 4-5 years, it has already sold half of the funds for USDC.

A DeFi lobby group, which received $20 million in funding earlier this month from the decentralized exchange Uniswap’s governance treasury, sold half of its funding on Tuesday — despite the group promising that it would allocate the funds over the next few years, not days.

“The proposal outlines that these funds are anticipated to be allocated over the next 4-5 years, so it won’t have the same dilutive effect of selling 1M UNI all at once, which we agree would be a problem,” wrote a representative of the “DeFi Education Fund” in Discord, ahead of the on-chain vote.

Yet it announced — just eight days after receiving the funds — that the group has sold 500,0