Uniswap’s ‘Token’ Issue – CoinDesk – CoinDesk

Uniswap’s ‘Token’ Issue – CoinDesk – CoinDesk

Uniswap, the popular Ethereum-based decentralized exchange, is once again thought to be too centralized for some. A token project launched, messed up the protocol’s data aggregator and forced a reaction from Uniswap that is now raising questions about what level of control creators can exercise in crypto.

In short: Delta Financial is a new token project looking to solve liquidity problems in decentralized options trading. The DELTA token launched on Uniswap on March 28. A day later, Uniswap’s total volume had exploded 450% to $7.17 billion (up from $1.6 billion the day before, and more than triple the previous record high of $2.19 billion set Oct. 26, 2020). This information is all based on reporting from Decrypt, due to what happened next.

This article is excerpted from The Node, CoinDesk’s daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full newsletter here. 

Determining that this growth was organic, though perhaps inauthentic, Uniswap’s developers issued a hotfix to remove Delta’s data from its blockchain explorer, Uniswap.info, under a “fix for scammy tokens.” Though the token itself remains available to trade on the decentralized exchange, querying for its trading activity returns “🤔.” Etherscan is also blank.

The situation speaks to the difficulty of determining what the “public good” is in decentralized ecosystems. There’s tension among creators of
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