Uniswap has revealed that it has blacklisted 100 more tokens from its app. However, the top decentralized exchange clarified that these token’s protocols are still permissionless even though their tokens will no longer appear on Uniswap’s app interface.
It is remarkable to note that the Uniswap team owns the front-end app portal where it lists these tokens. Uniswap‘s app portal is different from its protocol whose autonomous code is available to anyone. Per the issued release, Uniswap labs also indicated that this new decision may have been caused by the rising pressure from regulatory authorities regarding the crypto industry.
Why Uniswap Delisted 100 More Tokens
The firm disclosed that this recent action aligns with what other decentralized finance (DeFi) interfaces have also done. Apart from tether gold and meme-inspired tokens, all the delisted tokens are those Uniswap deemed may be identified as a security by the regulatory authorities. Some of them are synthetic assets from Sythetix and other crypto-derivative platforms. Others include insurance-related tokens, options tokens, and stock-related tokens.
Hayden Adams, Uniswap’s founder, gave no reason for blacklisting these meme-inspired tokens notably, Grumpy Cat (GRUMPY), but he revealed that Tether Gold (XAUT) was removed because it has buggy codes. As expected, the crypto ecosystem has been reacting to this new development. Most of them are now doubting Uniswap’s decentralization system.
Also, popular crypto enthusiasts like ‘chainlinkgod’ on Twitter wanted to confirm that UNI holders’ input was considered on any of the delisted tokens.
Chainlinkgod Tweet. Source: Twitter
Despite this action, trade volume in all versions of Uniswap protocol in the last 24 hours was about $1.5 billion. Thus, confirming the exchange’s position as the number decentralized exchange globally based on trade volume.
The crypto industry continues to face increased regulatory pressure from various authorities. You’d recall that regulatory authorities in the U.K. and U.S. Recently stopped the operations of Binance and BlockFi exchanges in their countries.
As widely reported in various media, Alabama, New Jersey, and Texas states’ securities have now made it illegal for any crypto lending platform to operate in their domain. Also, yesterday, Vermont joined the list of states in the U.S. to vote against all BlockFi-related transactions.
Gary Gensler, sec chairman, recently announced that he’s monitoring ‘stock tokens’, has already issued a legal notice to some token issuers and plans to do more soon. He further noted that whether centralized or not, these token issuers must operate under the security laws of the state.
The Olympic Token Provides Olympic Excitement
Meanwhile, the Olympic token (OLYMPIC) intends to add to the excitement of the ongoing Olympic games by allowing anyone to support their chosen games and countries by owning non-fungible tokens (NFTs). OLYMPIC holders with specified holdings will be entitled to specially created NFTs that they can showcase to other Olympians and anyone.
By partnering with various firms, the Olympic team is also developing an online NFT marketplace for the Olympic games called OLYMPIC village. Also, the team is already developing that will connect its Ethereum-built network with the MATIC blockchain.