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The reaction comes after users took to X to complain about Uniswap asking for as much as $20 million for protocol deployment.
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Uniswap protocol’s CEO, Hayden Adams, refuted allegations floating on X that claim Uniswap demanded money from decentralized finance protocols for deployments.
The CEO took to social media platform X on Sept. 12 and said that neither Uniswap Labs nor Uniswap Foundation charge for a protocol deployment.
Uniswap CEO denies allegations that claim Uniswap asked for money. Source: Uniswap’s Hayden Adams
Adams said that protocol deployments happen through governance votes. He explained that for the Uniswap interface, the requirements for deployment on a new chain are based on the activity and effort required per chain.
Source: Uniswap’s Hayden Adams
The reaction from Uniswap CEO comes after X user @wagmialexander alleged that Uniswap asked “to pony up $20M for an ineffective Uniswap deployment”. The allegation on Uniswap for taking deployment bribes came in response to a tweet from Kene Ezeji-Okoye, the co-founder at Millicent Labs, who claimed Uniswap charges $10 million for protocol deployments “and an extra $10 million in user incentives focused on trading carbon credits.”
Alexander did not immediately respond to Cointelegraph’s request for comment.
The Uniswap protocol is an open-source protocol for providing liquidity and trading ERC20 tokens on the Ethereum blockchain. The Uniswap protocol and the Uniswap interface were developed by Uniswap Labs.
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Uniswap settles tussle with US regulator
Uniswap recently got into a regulatory tussle with the United States Commodity Futures Trading Commission (CFTC). The regulator pulled up Uniswap Labs on Sept. 4 for illegally providing leveraged cryptocurrency trading to US retail investors.
Uniswap Labs settled the charges with the CFTC by paying a $175,000 civil penalty and by agreeing to cease violating the Commodity Exchange Act.
Uniswap identifies as a software company
In April, the US Securities and Exchange Commission (SEC) alleged that Uniswap was operating an unregistered securities exchange.
In its response, Uniswap said it is a software company, based in New York, that “reimagines market structures” and is not “an exchange, broker, or clearing firm under any reasonable reading of the securities laws”.
“Yes, I’m frustrated that the SEC seems to be more concerned with protecting opaque systems than protecting consumers. And that we’ll have to fight a US government agency to protect our company and our industry,” CEO Adams wrote on X.
Uniswap is one of the most popular decentralized finance protocols, facilitating token swaps on more than a dozen blockchain networks.
Uniswap held about $4.35 billion in total value locked (TVL) on Sept. 12, according to DefiLlama.
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This article first appeared at Cointelegraph.com News
