Uniswap Labs has revealed that a few selected tokens will be implemented with certain restrictions that will result in limited access.
On the 23rd of July, the Software Development Company highlighted in a tweet post saying that the firm is going to be implementing limited access to a number of selected tokens on their online platform application. The restrictions will follow up with an updated interface as the protocol will remain self-functional, rigid, and permissible.
A tweet also had a link to an extended explanation posted by the company on their blog site, which seems to make things clear on why Uniswap had to make this decision. Uniswap focused that the decision they have made is in accordance with other DeFi interfaces, and the tokens restricted have very little value and volume on the platform, having no effect on the overall performance of the Uniswap Protocol. Uniswap also assured the public in the blog post that the decision would have little to no impact on the Interface Code or any other instances of the protocol being run. The complete list of all the restricted tokens was also mentioned in the blog post. Tokens include some Mirrored Tokens, Synth Tokens, XAUT tokens, and meme-based tokens, such as a GRUMPY token.
Controversy with Uniswap
Earlier this month, Uniswap had some explaining to do for its sudden sale of nearly 500k native UNI tokens. The tokens sold were reportedly used as a donation to the decentralized finance-based Education fund hosted by Uniswap itself. The fund is apparently also backed by the Law Blockchain of Harvard, as well as the Fintech Initiative.
Back on the 13th of July, the DeFi Education Fund posted a tweet stating that the fund had to liquidate the tokens in order to receive nearly $10Million worth of USDC Stablecoins. The tweet also mentioned that the funds generated would have a long way in supporting the fund’s mission. In response to all this activity, the DeFi community didn’t seem that happy, as the true intention of the fund started getting questioned, meanwhile also raising concerns about centralization.
The decision made by Uniswap is very solid, meaning that they aren’t going to make any changes. Uniswap also assured that most of the expenses would be done in Dollars, so they need to expand their fund to support dollars in order to get through with the expenses.