Decentralized Exchange News

2023-02-10 20:07:04 Uniswap DAO completes vote for proposed BNB deployment

Uniswap DAO has concluded the final vote that will be used to execute the proposed deployment of Uniswap v3 on the BNB Chain. The vote ended on Friday with 66% of DAO delegates in favor of the move, according to Tally voting page. Delegates with major voting power including Ethereum software company ConsenSys and Compound Finance founder Robert Leshner voted in favor of the proposal. Meanwhile, venture capital giant Andreessen Horowitz voted against the proposal, deploying 15 million votes in the process.

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2023-02-09 21:06:41 Decentralized Exchange Dexalot Starts a Hybrid DeFi Subnet

Decentralized cryptocurrency exchange (DEX) Dexalot has launched on layer 1 protocol Avalanche as a subnet, attempting to combine the user experience of centralized exchanges (CEX) along with the transparency and decentralization of a DEX. Dexalot’s users will be able to deposit and withdraw assets via its app on the Avalanche C-chain, and then trade on the Dexalot subnet, according to a press release. The communication between the mainnet and subnet will be through “generic message passing using cross-chain communication protocols,” the company said. This may reduce slippage in trade execution and will allow traders to have confidence without giving up custody of their assets, the company added. Slippage in this context refers to the difference between a trade’s expected price and the price at which the trade is executed. Slippage tends to happen when markets are volatile.

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2023-02-08 21:08:12 Hackers Steal $166,000 from Decentralized Exchange CoW Swap

Decentralized cryptocurrency exchange Cow Swap has just announced that $166,000 in crypto have been unauthorizedly withdrawn from the platform as a result of an exploit. According to the developers of the project, the target of the attack was a settlement contract. These have assured that users' funds are safe. Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world PeckShield has reported that the stolen amount amounts up to $180,000: $123,000 in DAI, $50,000 in BNB and $7,400 in ETH, which have been divided between two wallets. An attacker modified ten days ago the GPvå2Settlement smart contract to obtain SwapGuard's permission to spend DAI.

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2023-02-07 19:36:44 Uniswap founder denies swindling Balance.io co-founder

Uniswap founder Hayden Adams said he was “sad and disappointed” with recent comments by Balance co-founder Ric Burton. Burton said he was owed money from supporting Adams get Uniswap off the ground. However, Adams fired back, saying that two deals were turned down. On Feb. 2, Burton posted a tweet thread detailing his account of developing the Ethereum (ETH) ecosystem during its infancy and the friendship the pair had struck up. The thread mentioned supporting Adams in getting Uniswap off the ground. This involved giving unrestricted studio access, mentorship, and money. Burton said that Adams had verbally agreed to repay him from Uniswap’s investment funding. Burton was going through a rough patch, leading to him being asked to leave Balance. He said this was also when his relationship with Adams became distant.

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2023-02-06 20:05:09 Li.Fi calls on Uniswap not to deploy on BNB Chain with only one bridge

Li.Fi has urged the Uniswap community not to go forward with the current vote to finalize the deployment of Uniswap v3 on the BNB Chain with Wormhole as the only bridge provider, the project stated via a governance post filed on Feb. 6. The team argued in favor of a bridge-agnostic deployment. Li.Fi urged Uniswap to prioritize the creation of a framework for assessing cross-chain bridges. This framework would see future Uniswap deployments on other chains happen with several bridge providers in the mix. AMB stands for arbitrary messaging bridges. These are a subset of crypto bridges that allow the transfer of data between EVM-compatible networks. Cross-chain bridges in general enable users to transfer crypto tokens across different networks.

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2023-02-05 19:38:57 a16z “Dominates” The Vote To Install Uniswap On BNB Chain With 15 Million UNIs

A Uniswap community poll to validate and select a cross-chain solution for this exchange on BNB Chain initially favored Wormhole. However, the final outcome will be quite uncertain and stated that a16z uses 15 million UNIs to “dominate” the vote. Because a16z was unable to gather enough votes to support LayerZero at the Temperature Check stage, he made a fresh move in the official Uniswap voting. According to statistics from the on-chain voting platform Tally, a16z voted “opposed” to the request to implement Uniswap V3 on BNB Chain. This quantity of votes accounts for 15 million UNI tokens (the most votes currently cast), and the balance swiftly becomes skewed. Invest in the project in line with the decentralized governance criteria of Uniswap.

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2023-02-04 20:45:45 Wormhole Wins Vote to Be Uniswap’s Designated Bridge to BNB Chain

Wormhole, the crypto bridge platform, won a community vote on Tuesday to become the official governance bridge for Uniswap – the largest decentralized exchange platform by trading volume – when its version 3 platform arrives on Binance’s BNB Chain. The win grants Wormhole valuable new turf in an ongoing battle between bridge platforms – vital pieces of crypto infrastructure that allow users to pass assets and other data between blockchains. The Wormhole bridge will eventually be used to give Uniswap v3 users on BNB Chain the ability to participate in the Uniswap DAO’s Ethereum-based governance process. The Uniswap DAO, which allows holders of Uniswap’s UNI token to vote on major strategy decisions, voted 62% in favor of Wormhole. LayerZero, a leading Wormhole competitor, came in second with 37%.

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2023-02-03 21:04:55 Ethereum-Based Decentralized Exchange Token Explodes 50% As Project Releases Yearly Report

An Ethereum (ETH)-based decentralized exchange (DEX) token has shot up 50% in just a few days after the project released a new annual report. The dYdX (DYDX) Foundation released its “inaugural ecosystem annual report” on Monday, which outlined the decentralized finance (DeFi) DEX’s development in 2022. In 2022, DeFi proved its resilience and demonstrated clear advantages over CeFi [centralized finance]. Market activity and sentiment highlighted the benefits of trustless technology, self-custody, and decentralization, including an opportunity for unparalleled transparency and fairness. We believe that these principles are key to the dYdX protocol’s success in the future.” The exchange’s native token, DYDX, was trading around $2.23 on Monday and has since skyrocketed to $3.36 at time of writing, a more than 50% increase. The 91st-ranked crypto asset by market cap is also up a whopping 180% in the past month.

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2023-02-02 20:40:10 Uniswap Foundation charts path forward amid cross-chain bridge governance debate

The Uniswap Foundation's executive director said a cross-chain bridge governance vote garnered "more attention than any Uniswap proposal in recent memory.". Devin Walsh's post came after a spirited debate over which bridge — a protocol used to connect blockchains — will be used to tie Uniswap. LayerZero, which came in second place in the vote, argued in a statement Tuesday that, in light of sentiments expressed by Uniswap stakeholders, it was the "preferred bridge" out of the group. The startup also argued that the foundation should hold a vote with both Wormhole and LayerZero as options. In her post, Walsh wrote that the foundation "saw the clear opportunity to create a better process for future cross-chain deployment proposals" and invited feedback on a proposal for a cross-chain bridge assessment group.

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2023-02-01 20:32:43 Decentralized Exchange Dexalot Starts a Hybrid DeFi Subnet

Decentralized cryptocurrency exchange (DEX) Dexalot has launched on layer-1 protocol Avalanche as a Subnet, attempting to combine the user experience of centralized exchanges (CEX) along with the transparency and decentralization of a DEX. Dexalot’s users will be able to deposit and withdraw assets via its app on the Avalanche C-chain, and then trade on the Dexalot subnet, according to a press release. The communication between the mainnet and subnet will be through “generic message passing using cross-chain communication protocols,” said the press release.

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