The daily Uniswap volume is $ 25 million despite fraud concerns

The daily trading volume in the Decentralized exchange (DEX) and the liquidity fund Uniswap rose to $ 25 million thanks to a strong first business day AMPL, the digital asset protocol from Ampleforth.

ETH AMPL currently educates the largest Uniswap torque by volumewith commercial activity of nearly $ 2.9 million in the past 24 hours. His last day is the second strongest since Uniswap V2In the first version of the exchange, however, short increases of hundreds of millions were made three times in the past 12 months.

Uniswap is quickly becoming a DEX market leaderwith its competitors Kyber Network This is equivalent to $ 7.6 million in daily transactions. IDEX Registration of almost a million dollars in 24 hours and Binance DEX Hosting $ 730,000 in swaps on the last day.

The daily Uniswap volume is $ 25 million despite fraud concerns
The daily Uniswap volume is $ 25 million despite fraud concerns

Although Uniswap’s volume seems weak compared to the several billion traded on major central exchanges, the relative lack of high-frequency algorithmic traders and arbitrage bots is likely to explain a lot, as is the lack of trading. of the laundry trade.

Uniswap warns retailers of ERC-20 tokens

However, the increase in Uniswap volume is due to a growing number of fraud tokens that are exploiting as the main decentralized funding protocols (DeFi) and other ERC-20 tokens that take advantage of the platform’s open list policy.

The spread of counterfeit tokens prompted Uniswap to post a warning on its ERC-20 token pairs on its platform. In the message you can read:

“Anyone can create and name any ERC20 token in Ethereum, including creating fake versions of existing tokens and tokens that claim to represent projects without tokens. Similar to Etherscan, this site automatically tracks analyzes of all ERC20 tokens regardless of the token’s integrity Please do your own research before interacting with an ERC20 token. “

Kleros hopes to solve the problem with counterfeit tokens

The distributed dispute settlement protocol, Clergydo you think yours Token Curated Registry of Tokens (T2CR)A full review can help remove fraud tokens in Uniswap.

Tokens accepted in the list must comply with the basic rules B. not to be associated with malicious addresses and possibly to request IDs that represent the various properties of a coin and are checked by users.

Kleros suggests that decentralized exchanges like Uniswap apply list identification requirementsUse the wisdom of the crypto community to ensure that the supported assets maintain a high level of quality.

The approved tokens are automatically added to your frontend called UniswapNinja.

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