2021-07-24 18:33:16
Hey Guys,
I wanted to quickly talk about this latest Uniswap move to remove several tokens from front end access. You can see their announcement here:
https://twitter.com/Uniswap/status/1418697012095164420
The full list of unsupported tokens can be seen here:
https://bit.ly/3BLQ2JV
Most of the tokens that they took down seem to be synth tokens (synthetic representations).
Now, the real controversy here is that this was without any sort of governance proposal or vote. This effectively renders the UNI tokens moot.
Why make unilateral decisions for the community when you developed a governance mechanism specifically for this?
Of course, I know that the Uniswap Devs are between a rock and a hard place. They have taken VC funding and these tokens that are trading there are clearly in breach of SEC rules around securities. It is only open source on the backend. The frontend is controlled by them and as such, they could become targets for SEC action.
The protocol is still open and unrestricted, and anyone can create a new frontend to trade those pairs if they wish (some have already).
I have actually talked about this DeFi regulation point in much greater detail in a video I made last year:
The point is that we will constantly be in this position where DeFi will tread on the toes of regulators. The only way that we move to a truly decentralised and autonomous DeFi is through a combination of:
- IPFS (Decentralised Frontend Hosting)
- ENS (Decentralised Name Service)
- DAO (Decentralised Governance)
Until we have all those technologies in place, we are unlikely to see a truly "decentralised" finance.
My two gwei
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