Today, Uniswap, a trailblazing decentralised exchange (DEX), is showcasing its accomplishment as it marks a significant turning point in the use of multichains. As per a posted update on X, the number of users utilising Uniswap multichain protocols stands at precisely 3,271,574. Ethereum, Arbitrum, Celo, Binance Coin (BNB), Base, Polygon, and Avalanche are the precise chains that are being used.
Uniswap began its Ethereum blockchain existence as an Automated Market Maker (AMM). Uniswap has doubled down on its broad reach by gradually expanding to additional networks, driven by user acceptance. The exchange has forecasted that multichain technology would dominate the market in the future, demonstrating the need of interoperability in the blockchain ecosystem.
https://x.com/Uniswap/status/1782408976908362138
Uniswap is ahead of its competitors in terms of multichain compatibility and other features, even if it still has a lot of chains that it hasn’t integrated yet. The price movement of Uniswap’s native token indicates that investors are intrigued by the upgrade.
As of this writing, UNI is trading at $8.06, up 2.3% over the last day and more than 11% over the last seven days. The coin has had a greater number of drawdown days, and its history of rapid adoption may eventually cause its worth to shift.
Uniswap regulatory headwinds
Even with the impressive numbers and Uniswap’s seeming superiority, the DEX faces significant challenges since it may be involved in litigation with the US Securities and Exchange Commission (SEC) for some time.
Under Chairman Gary Gensler, the U.S. SEC issued Uniswap a Wells Notice earlier this month alerting the company to the possibility of legal action over its products, which the agency had identified as investment contracts. In reaction, Hayden Adams, the creator of Uniswap, has vowed to take the SEC to court in a manner akin to the one he used to challenge the exchanges Coinbase, Binance, and Ripple Labs.
