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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Uniswap Launches Product In The Midst Of Lawsuit, UNI Reacts To The Downside

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Uniswap UNI

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Uniswap’s governance token UNI has been trending to the downside following the general sentiment in the market. The token records a 2% loss during the last day as two major events take UNI holders’ attention and could suggest more downside price action for the short term.

Related Reading | Uniswap Registers Yearly Low: Vital Trading Levels To Follow

At the of writing, UNI trades at $9.4 with a 6% loss in the past 7-days.

Uniswap UNI UNIUSDT
UNI is trending to the downside in the 4-hour chart. Source: UNIUSDT Tradingview

Yesterday, news broke about a class action lawsuit against this decentralized exchange (DEX) developer Uniswap Labs, its inventor Hayden Adams, and other major investors in the project. Filed as a class action in the Southern District of New York with Nessa Risley representing the plaintiffs.

These people are suing Uniswap Labs and others claiming that they have “unlawfully promoted, offer, and sold unregistered securities” on the DEX. In addition, they claim that Uniswap’s lack of a Know Your Customer (KYC) policy has enabled alleged cases of fraud without the DEX taking measures to prevent these supposed activities.

Furthermore, the plaintiff claims the DEX and the defenders have benefited from “undisclosed fees” collected on “every transaction” executed with the platform in an alleged violation of the U.S. Securities laws, according to the document. The plaintiffs also accused the platform of selling scam tokens.

These include Rocket Bunny, BoomBaby.io, Matrix Samurai, EthereumMax, and others. The plaintiffs claimed these tokens failed to file a registration with the U.S. Securities and Exchange Commission (SEC).

Uniswap is a decentralized exchange running on Ethereum and operating under a governance model controlled by UNI holders. Unlike centralized exchange it is permissionless, and its smart contracts respond to no centralized authorities for the benefit or detriment of any party.

According to the document filed with the court, Risley and the other plaintiffs were not familiar with Uniswap. At least, the document suggests they have little experience trading on the platform before incurring alleged “substantial losses” which led to their lawsuit.

https://twitter.com/cobie/status/1514470929400705025

Uniswap Releases New Product

Less than 24 hours after the class action was filed, Uniswap Labs launch a Swap Widget feature to allow users to “seamlessly swap tokens anywhere across the web”. The dApp is accessible via certain platforms, such as Open Sea and Oasis.

1/✨ Today, we're excited to announce the launch of the Swap Widget which allows users to seamlessly swap tokens anywhere across the web 🙌

Find the Widget already on your favorite apps like @opensea, @FWBtweets, & @oasisdotapp pic.twitter.com/SzQ95t5sEs

— Uniswap Labs 🦄 (@Uniswap) April 14, 2022

The product is part of an Uniswap expansion initiative which is aim at providing “everyone” with access to “fair, open, and transparent markets”. The Widget is supposed to be easy to integrate by developers as it would only require “one line of code”.

Related Reading | Ethereum At $3028, Where Is The Next Critical Support Level For ETH?

The Uniswap community has positively reacted to the announcement. However, the DEX’s native token has trended to the downside, likely due to its correlation with Bitcoin and other larger cryptocurrencies.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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