Pioneering decentralized exchange (DEX) Uniswap is in the spotlight today as it is celebrating a major milestone in its multichain adoption. According to an update shared on X, exactly 3,271,574 users are currently using Uniswap multichain protocols. The exact chains in use include Ethereum, Arbitrum, Celo, Binance Coin (BNB), Base, Polygon and Avalanche.
Uniswap started as an Automated Market Maker (AMM) on the Ethereum blockchain. Gradual expansion fueled by adoption has made Uniswap expand to other networks, doubling down on its extensive reach. The exchange, showcasing the impact of interoperability in the blockchain ecosystem, has predicted that the future of the industry is multichain.
Over 3M addresses have swapped on multiple chains with Uniswap 🤯
The future is multichain 👀 pic.twitter.com/Fypro2fBnt
— Uniswap Labs 🦄 (@Uniswap) April 22, 2024
While there are still many chains it has not integrated thus far, Uniswap is ahead of its peers in its multichain support and other features. The update has sparked intrigue among Uniswap investors, as showcased in its native token’s price action.
At the time of writing, UNI is changing hands for $8.06, up by 2.3% in the past 24 hours and by more than 11% over the trailing seven-day period. The token has seen more days of drawdown, and the record of booming adoption might help change its valuation in the long term.
Uniswap regulatory headwinds
Despite the glittering metrics and Uniswap’s apparent dominance, the DEX has a major headwind as it might be tangled up in a lawsuit with the United States Securities and Exchange Commission (SEC) for a while.
Earlier this month, the U.S. SEC, under Chairman Gary Gensler, sent a Wells Notice to Uniswap, a warning that a lawsuit might follow concerning its offerings, which the regulator classified as an investment contract. In response to this, Uniswap founder Hayden Adams has promised to fight the SEC, bringing a similar legal battle as against Ripple Labs, Binance and Coinbase exchanges.
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