Uniswap is the largest decentralized exchange and is really very popular. During the May crash, it was one of the few exchanges that didn’t crash and saw a huge volume. But recently, Uniswap is getting criticized as it removes 129 tokens from its main platform. According to reports, the reason behind this is the possible intervention of global regulators, which could be a problem for the platform. Users can still swap them using some workarounds shared on Twitter, but trading is off on the main window.
Uniswap removes 129 tokens from its platform.
The decentralized exchange announced 2 days back that they have removed 129 tokens from their platform. Those tokens could face the same problem that XRP is facing right now. Yes, the global regulators were likely to call these tokens securities which could have ut Uniswap into trouble and also the tokens. Users can still use the token contract to access these tokens and swap them, but they are still not happy. According to the exchange, the reason they did so was the low trading volume of these tokens.
A lot of the tokens were also not unique but derivates of other popular coins like Tether, Synthetix and more. I personally don’t think this is going to affect a large user base, so the news will die out in no time. But the action of Uniswap shows the sheer number of cryptos that exist but don’t actually matter.
Why are users unhappy?
Being a Defi platform, censorship doesn’t seem the way to go or Uniswap, at least for the users. But since it is a registered US company, they have to do whatever is needed to keep running. Following the removal of the 129 tokens from Uniswap, other decentralized exchanges could also follow the lead and remove them from their platform. Being the largest of all, Uniswap does set precedence when it comes to the tokens being traded on the platform. Let’s see if other exchanges remove these tokens, too, or they just enjoy the volumes coming from Uniswap.
What are your thoughts on Uniswap removing 129 tokens from their platform? And do you think that DeFi exchanges should do censorship? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.