Hayden Adams, the CEO of Uniswap, has publicly denounced racist statements that have been making the rounds on social media platform X. He asserts that Uniswap has protected its customers from discriminatory financial practices.
Adams clarified in a September 12 tweet that neither the Qualcomm Foundation nor Qualcomm Labs charge fees for protocol deployments. He emphasised that deployments take place through government votes and clarified that the requirements for deploying on a new chain are determined by the amount of effort and activity involved.
The accusations against Uniswap started when one of the X users, Wagmi Allison, claimed that Uniswap had demanded a substantial amount of $20 million for an ineffective deployment. This claim was made in response to a tweet from Kene Ezeji-Okoye, a co-founder of Millennium Laboratories, who claimed that the company had paid $10 million for protocol deployments and an additional $10 million for user incentives intended to trade carbon credits.
The well-known decentralized financial mechanism Uniswap has recently come under regulatory scrutiny from US authorities. The Commodity Futures Trading Commission (CFTC) of the United States accused Swap Labs of illegally offering leveraged cryptocurrency trading to US rail investors in September. To address the issues, Uniswap Labs has consented to pay a $175,000 civil penalty and to cease violating the Commodity Exchange Act.
SEC Alleged Uniswap Unregistered Status
The US Securities and Exchange Commission (SEC) had previously announced in April that Uniswap was conducting an unrestricted securities exchange. In response, Uniswap asserted that it was a software company and denied that it was a broker, exchange, or clearing house violating securities laws.
Despite these regulatory obstacles, Uniswap remains one of the most widely used decent decentraldecentralizeds. With over ten blockchain networks, it facilitates trades and now has a total value locked (TVL) of $4.357 billion. As of September 12, the platform’s market capitalizcapitalization66 billion, and its share price was $6.72.
Regarding daily activity, it reported a $176.82 million 24-hour traded volume, with $52.41 million in liquidity. Moreover, 9,545 active addresses interacted with the protocol during the same period. This highlights vigorous user activity in the decent decentralized space.
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