Skip to main content

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

Users Criticize Uniswap's Decision to Remove Over 100 Tokens From Main Interface

The largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind the platform, Uniswap Labs, simply removed the tokens from the main interface.

Uniswap Removes Tokens From Main Interface, Users Discuss Alternative Solutions

On July 23, the startup Uniswap Labs announced that the development team was removing roughly 129 tokens from the main interface. It’s been noted by onlookers, that a number of tokens removed could be considered securities by global regulators and some of them were synthetic equities tokens.

The restriction of access to these specific tokens stems from app.uniswap.org but users can still bypass the problem and trade using the token contract. The token removal announcement from Uniswap Labs doesn’t really explain why the tokens were removed but the firm’s blog post did say:

These tokens have always represented a very small portion of overall volume on the Uniswap Protocol.

Some of these tokens derived from protocols such as Synthetix, Tether, Opyn, UMA, and more. A Twitter user named “Banteg” discussed the issue at hand and said: “Seems like all UMA, Synthetix, Mirror, Opyn tokens are affected. Even if you add them manually, you cannot trade them on the main [Uniswap] UI.” However, within Banteg’s Twitter thread the crypto community shared a myriad of ways to bypass Uniswap’s main user interface.

Defi Proponent: ‘This Is a Wake-up Call — Bookmark Decentralized Interfaces’

A number of crypto supporters criticized the move made by Uniswap and they believe other decentralized finance (defi) platforms could do the same. Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur tweeted that he loves Uniswap “but this sets [a] really bad precedent IMO.” Krug also added that this “won’t be the 1st case of defi censorship.” Defi supporter Nick Chong said that people should start bookmarking decentralized interfaces and mirror applications. Chong added:

The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user defi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call. Bookmark the decentralized interfaces. Make them lindy.

The creator of the popular defi project Yearn Finance, Andre Cronje also offered his opinion of the Uniswap situation. “My unsolicited opinion; Uniswap, a company registered in the U.S. Uniswap.org, a website owned by the U.S. entity. Uniswap smart contracts, decentralized code. The company should act in its best interest, including censoring the website where it is in their interest,” Cronje said.

What do you think about Uniswap removing 129 tokens from the main user interface? Let us know what you think about this decision in the comments section below.



from Bitcoin News https://ift.tt/36WkNgH
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more