Uniswap Labs Limits Access To Certain Tokens, What It Could Mean For The DeFi Sector
25 Juillet 2021 - 12:00AM
NEWSBTC
Software development studio Uniswap Labs (UL) announced the
restriction of certain tokens via the app.uniswap.org domain. The
company claims to be taking part in “creating a better” financial
system and has taken the decision after reviewing the regulatory
landscape and the actions of other “DeFi interfaces”. The token
removed from the domain represented a “very small portion of
overall” trading volume on the platform, UL claims. Amongst the
restricted tokens is Gold Tether (XAUt), Grump Cat (GRUMPY), iAAVE,
iADA, iBNB, sAPPL, sCOIN, and many more related to options,
tokenized stocks, and securities from traditional companies. The
software studio clarified that the Uniswap Protocol is a separate
entity from the interface accessible via the app.uniswap.org
domain. (…) It provides unrestricted access to anyone with an
Internet connection. Similarly, this action has no impact on the
Uniswap Interface code, which remains open source, or the many
other portals or locally run instances used to access the Uniswap
Protocol. The same clarification was made by Hayden Adams, inventor
of the protocol, via his Twitter account. After receiving a lot of
criticism for their decision, Adams reminded his followers about
the difference between Uniswap Interface, the open-source GPL code,
app.uniswap.org, the domain, and Uniswap the protocol. Later, he
added that true decentralization “doesn’t mean UL lets you do
whatever you want on its website”, but that users can access the
protocol via other interfaces. He added: (In my opinion) the
Uniswap Protocol remains the most decentralized of the top defi
protocols by a wide margin. Why: Non-upgradable and permissionless
smart contracts, w/ no admin keys or ability for UNI holders to
steal underlying liquidity. Is Uniswap Labs Trying To Prevent A
Government Crackdown? Of course, Adam’s statements caused different
reactions across the crypto community. Stanislav Kulechov, a
founder of decentralized protocol Aave, said that “DeFi front-ends
should” be hosted on the InterPlanetary File System (IPFS). In that
way, the protocols can be “less dependent on the founding team” and
maintain their decentralization. Kulechov also proposed a
Bring-Your-Own-Front-End (BYOF) solution that would allow users to
download the software into a device to access the protocol. Gabriel
Shapiro, General Counselor at Delphi Labs, pointed out the
possibility that anyone who forks the Uniswap front-end could
receive a lawsuit from the software development studio UL. Shapiro
said that the company “like DMCA (Digital Millennium Copyright Act)
takedown requests”. In a different post, Shapiro addressed the
rumors suggesting that UL and other DeFi projects received
subpoenas from the Securities and Exchange Commission (SEC). A few
days ago, Senator Elizabeth Warren send a letter to the SEC Chair,
Gary Gensler. Warren requested clarity on regulations regarding
cryptocurrencies, stablecoins, and DeFi with a deadline set for
July 28th, 2021, for Gensler to replied. Many argued that UL
decision could be related to that event and to the aforementioned
subpoenas. Shapiro doesn’t completely rule out this possibility but
claims that they only rumor to be taken with a grain of salt. At
the time of writing, UNI and other major DeFi tokens haven’t
reacted to these events. Uniswap’s governance token trades at
$18,17 with a 4.1% in the daily chart.
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