Uniswap CEO Hayden Adams denies allegations of charging millions for protocol deployments
Hayden Adams, the CEO of Uniswap, has denied rumors circulating on X (formerly known as Twitter) that the company has requested funds for deployments from decentralized finance protocols.
If you, or someone you love, has been asked to pony up $20M for an ineffective Uniswap deployment just know that you are not alone and we’re here to help. 🙏 https://t.co/bee3V2kavj
— alexander (@wagmiAlexander) September 7, 2024
Lol you just made that up
— JOSΞPH 🍩 (@CupOJoseph) September 12, 2024
On September 12, the CEO posted on the popular social media platform X stating that protocol deployments are free of charge for both Uniswap Foundation and Uniswap Labs.
According to Adams, governance votes are used to deploy protocols. He clarified that the Uniswap interface's deployment requirements on a new chain depend on the activity and effort involved.
The controversy began when a user on X Alexander claimed that Uniswap had asked developers "to pony up $20M for an ineffective Uniswap deployment," prompting the CEO of Uniswap to respond.
Jack Niewold, host and founder of Decypher Podcast, responded on September 7 to a tweet on X about Uniswap deployment.
Also responding to the tweet, Millicent Labs co-founder Kene Ezeji-Okoye asked if $10 million for a protocol deployment on Uniswap and an extra $10 million in user incentives were focused on trading carbon credits.
Ezeji-Okoye later cited an article on March 11, 2022, by Cointelegraph about the proposal from the Celo Foundation to implement Uniswap v3 on its own blockchain.
The Uniswap interface and protocol were created by Uniswap Labs. On the Ethereum blockchain, the Uniswap protocol is used to trade and provide liquidity for ERC-20 tokens.
One of the most well-known decentralized finance protocols, Uniswap allows token swaps across more than twelve blockchain networks. As of September 12, Uniswap had $4.35 billion in total value locked, according to DefiLlama.
A recent regulatory battle between Uniswap and the US Commodity Futures Trading Commission (CFTC) was another development in the news. The regulator accused Uniswap Labs of unlawfully offering leveraged cryptocurrency trading to US retail investors on September 4.
Apart from the mandate to cease and desist from any further violations of the Commodity Exchange Act (CEA), Uniswap Labs must also make a $175,000 civil monetary penalty payment, the post stated.
Furthermore, Uniswap Labs might be the target of an enforcement action brought by the Securities and Exchange Commission (SEC). The company claimed that the SEC served it with a Wells Notice in April, indicating that the agency believed it had enough proof to bring legal action.
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