Today, Uniswap, a trailblazing decentralized exchange (DEX), is showcasing its accomplishment as it marks a significant turning point in the use of multichains. As per a posted update on X, the number of users utilizing Uniswap multichain protocols stands at precisely 3,271,574. Ethereum, Arbitrum, Celo, Binance Coin (BNB), Base, Polygon, and Avalanche are the precise chains that are being used.
Uniswap began its Ethereum blockchain existence as an Automated Market Maker (AMM). Uniswap has doubled down on its broad reach by gradually expanding to additional networks, driven by user adoption. The exchange has forecasted that multichain technology would dominate the market in the future, demonstrating the need of interoperability in the blockchain ecosystem.
Uniswap is ahead of its competitors in terms of multichain compatibility and other features, even if it still has a lot of chains that it hasn't integrated yet.
The price movement of Uniswap's native token indicates that investors are intrigued by the update. As of this writing, UNI is trading at $8.06, up 2.3% over the last day and more than 11% over the last seven days. The token has had a greater number of drawdown days, and its history of rapid adoption may eventually cause its worth to shift.
Regulation headwinds for Uniswap
Even with the impressive numbers and Uniswap's seeming superiority, the DEX faces significant challenges because it may be involved in litigation with the US Securities and Exchange Commission (SEC) for some time.
This month, earlier, the U.S. Under Chairman Gary Gensler, the SEC issued Uniswap a Wells Notice, alerting the company to the possibility of legal action for its offerings, which the agency had identified as investment contracts. In reaction, Hayden Adams, the founder of Uniswap, has vowed to take the SEC to court in a manner akin to the one he used to challenge the exchanges Coinbase, Binance, and Ripple Labs.
April 2024, Cryptoniteuae