Uniswap Multichain Users Hits 3.2 Million, Here’s Price Reaction

by

Uniswap, a trailblazing decentralized exchange (DEX), is making headlines today as it reaches an impressive milestone in its multichain expansion. According to recent reports on X, an astonishing 3,271,574 users are now utilizing Uniswap’s multichain features. Notably, these protocols support Ethereum, Arbitrum, Celo, Binance Smart Chain (BNB), Harmony, Polygon, and Avalanche networks.

Uniswap initially emerged as an Automated Market Maker (AMM) on Ethereum’s blockchain. Due to increasing acceptance, it has since expanded to other networks, broadening its influence. This decentralized exchange, highlighting the significance of interoperability within the blockchain sector, believes that the future lies in a multichain industry.

Over 3M addresses have swapped on multiple chains with Uniswap 🤯

The future is multichain 👀

— Uniswap Labs 🦄 (@Uniswap) April 22, 2024

Uniswap leads the way among decentralized exchanges with its multichain capabilities and additional features, even though it hasn’t integrated all possible chains yet. This update has generated excitement amongst Uniswap investors, as evidenced by the price surge of its native token.

Currently, UNI is being traded for $8.06, representing a 2.3% increase in the last 24 hours and over 11% growth over the past week. The token has experienced more than usual declines, but its growing adoption may positively impact its value in the future.

Uniswap regulatory headwinds

Although Uniswap boasts impressive statistics and seems to reign supreme in the decentralized exchange (DEX) market, it faces a significant challenge: the DEX could be embroiled in a legal dispute with the US Securities and Exchange Commission (SEC), which may last for some time.

About two weeks ago, the U.S. Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, issued a warning to Uniswap in the form of a Wells Notice. This notice signaled that the SEC was considering filing a lawsuit against Uniswap over its offerings, which the regulatory body regarded as investment contracts. In response to this potential legal action, Uniswap’s founder, Hayden Adams, has vowed to contest the SEC’s decision, drawing parallels to ongoing legal battles with Ripple Labs, Binance, and Coinbase exchanges.

Read More

2024-04-23 13:10