Connect with us

Hi, what are you looking for?

Uniswap CEO denies allegations of charging for protocol deployments
Uniswap CEO denies allegations of charging for protocol deployments

Business

Uniswap’s CEO denies that applying protocols costs $20 million

Hayden Adams, CEO of Uniswap, says that the rumors that setting up the platform costs up to $20 million are not true. To be clear, he said that neither Uniswap Labs nor the Uniswap Foundation charge for putting protocols in place. He made it clear that the board votes on things like this.

Recently, it was said that Uniswap wants up to $20 million to put its protocol on new chains. However, Hayden Adams, the CEO of the company, strongly denied these claims. On the social networking site X, some people said that Uniswap’s prices were way too high.

Adams responded to these claims on September 12 on X, making it clear that Uniswap Labs and the Uniswap Foundation do not charge anything for installing protocols. He made it clear that tasks are chosen by the people who vote for the government and are based on the work that needs to be done, not on making money.

The fight began when Alexander, who used X, said that Uniswap was asking for $20 million for a rollout that wouldn’t work. This claim came after a tweet from Kene Ezeji-Okoye, co-founder of Millicent Labs. In the tweet, he said that Uniswap charged $10 million for rolling out a protocol and another $10 million in bonuses for selling carbon credits.

To these claims, Adams replied that Uniswap’s way of rollout is fully open and based on community control, not fees. His message to users was that Uniswap would stay true to its autonomous principles and that there would be no charges to use its system.

As of late, officials have been looking into Uniswap. This platform is known for making it easy to trade coins and offering liquidity on many blockchain networks. It was charged by the U.S. Commodity Futures Trading Commission (CFTC) on September 4, 2024, that Uniswap Labs gave dealers money without permission. As part of the deal, Uniswap paid a $175,000 fine and promised to follow the rules.

The US Securities and market Commission (SEC) said in early April 2024 that Uniswap was running an unlisted stock market. Uniswap replied that it was a software company and not an exchange or broker. It also said that the SEC’s way of controlling was wrong.

Uniswap is still the best decentralized finance (DeFi) tool, even though these rules are making it hard to use. It had locked in about $4.35 billion in value as of September 12, 2024.

Advertisement

You May Also Like

Elections

Former President Donald Trump is putting out a comprehensive tax reform plan that will replace the federal income tax with import duties. He defended...

Cryptocurrency

Brian Armstrong, CEO of Coinbase, has called on the next SEC chair to apologize for the damage that uneven enforcement and regulations have done...

Cryptocurrency

Bolivia's Banco Bisa has launched a custody service for the USDT stablecoin, allowing users to purchase, trade, and transfer cryptocurrencies in a controlled setting....

Business

Meta is reportedly developing its own AI-based search engine to reduce its reliance on Google and Bing. Using Meta's AI chatbot, this new search...

polkadot
Polkadot (DOT) $ 3.89 0.88%
bitcoin
Bitcoin (BTC) $ 69,563.64 0.23%
ethereum
Ethereum (ETH) $ 2,495.98 0.93%
cardano
Cardano (ADA) $ 0.352002 1.04%
xrp
XRP (XRP) $ 0.509311 1.41%
stellar
Stellar (XLM) $ 0.092596 1.00%
litecoin
Litecoin (LTC) $ 69.52 1.21%