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There is shocking news for crypto users who are investing on Uniswap. The developers said that most of the tokens launched on the platform are rug pulls. Rug pulling is a technique in which scammers launch the tokens onto the platform and sell the assets with fake promises. After gaining profits, they escape with the funds.
This rug pull became a headache for the investors and users on the platform. As per the report, 97.7% of the tokens launched on the Uniswap platform turned out to be rug pulls. In 2020, nearly $2 billion (USD) was stolen from profits. The researchers found that out of 27,000 tokens, 631 were not affected by rug pulls. Currently, the researchers are trying to introduce an algorithm on chains to identify the rug pulls before they happen on the platform.
Recently, besides Dogecoin, Uniswap reached a high growth level, surpassing bitcoin and other cryptocurrencies. UNI token prices are skyrocketing by 5.1% within a day. In October 2022, UNI recorded the highest growth rate at 16%. To make Uniswap accessible to more crypto users across the world, it raised its B series funding up to $165 million (USD).
“When I built the Uniswap Protocol in 2018, it was an experiment to see if I could create something that fully embodied the values of Etherum.” “As Uniswamp Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on its own,” by Hayden Adams.
UNI token has sided with all the cryptocurrencies this week. Now Uniswap is holding the highest market share value in the crypto industry. The two most popular cryptocurrencies, Bitcoin and Ether, are holding $20,000 (USD) and $1,500 (USD), respectively. The developers have high expectations of Uniswap, believing that it will become the most convenient Web3 infrastructure for all developers.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
