According to online reports, the Uniswap Foundation released a financial summary for the first quarter of 2025. As of March 31, 2025, the assets held include US$53.4 million in cash and stable coins, 15.8 million UNIs (based on UNI) and 257 ETH. Based on the closing price on March 31, 2025, the total value of these tokens is approximately US$95 million. In addition, another 5 million UNIs were deposited externally as collateral, and the foundation obtained a $29 million loan based on this collateral. The loan is structured through a financial instrument that allows the foundation to obtain immediate U.S. dollar liquidity without significant market impact, while providing downside protection for collateralized assets and retaining additional upside potential. The US dollar cash and stablecoins held will be used to fund appropriations and daily operations, while a large amount of UNI reserves will be used as future operating capital reserves, while also retaining room for further income growth. The expected operating cycle can be maintained until January 2027, and the allocation of funds is as follows: In terms of grant commitments and incentives, the Foundation has reserved a total of US$115.1 million for grants: of which US$99.8 million will be committed in 2025 and 2026. Expenditure, and another US$15.3 million is used for historical grants that have been committed but have not yet been paid. In terms of operating expenses and employee token rewards, US$33.3 million is expected to be used to support operations until January 2027.