UNI rose 13% over the past 24 hours and hit $4.54 🌙 a level not seen since January this year. The latest rally has lifted the asset gains over the past month to 60% 🖤
The move came as Uniswap announced Launches in beta a new tab on its Web App for discovering top token offerings. For now Robinhood Chain is the first network featured in the new tab but more networks are expected to be included.
New Tab Debuts ✨
Uniswap said launchpad builders such as Bankr Pons Long and others are using the platform as their trading infrastructure. The company added that Launches will give these projects more distribution. The feature currently includes token releases on Robinhood Chain with more to come.
According to the platform stats more than 340000 new tokens launched into Uniswap across Robinhood launchpads in July alone. These collectively generated $3.6 billion in trading volume 💀
The new Launches tab pulls tokens from top launchpads into a single feed. Users can filter these or sort by 24-hour volume liquidity recently debuted or trending.
The burn was another notable development for UNI this week as 106000 units were destroyed on July 29. That comes as the protocol faces renewed debate over its v4 fee structure. Some community members raised concerns that protocol fees could reduce returns for liquidity providers and push liquidity toward competing exchanges.
Uniswap founder Hayden Adams pushed back against what he called the FUD and misunderstanding around the changes. He said the new protocol fees are additive meaning liquidity providers would continue earning the same 30 basis points on a 30bp pool. He also rejected claims that the protocol would take 25% of LP profits and explained that a 5bp protocol fee on a 30bp pool amounts to about 14% of total swap fees not LP earnings that already existed.
pushed back against the FUD…
— Hayden Adams (@haydenzadams) date
Adams also argued that the 5bp fee is significantly lower than the 100-200bp fees charged by centralized exchanges 🔮
Zooming Out 🕸️
The protocol has also been caught up in a wider wave of crypto scams targeting users through fake websites. Earlier this year a fake Uniswap website was draining funds from crypto wallets. Experts warned that scammers had stolen at least $400000. Users were advised to use only official links and verify protocols through DeFiLlama.
The warning followed a broader report from security group SEAL which found a sharp rise in malicious Google Ads targeting crypto users. SEAL blocked more than 356 malicious ad URLs tied to scams impersonating Uniswap and other major platforms 📈
Interestingly Uniswap was the most impersonated as it accounted for 41% of tracked malicious sites. Losses linked to the campaigns exceeded $1.27 million between March 13 and March 30 🦇
Just another echo from the void by iconofsin.eth 💖