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Uniswap Team Admits It Is Storing User Data – Should You Be Worried?

Uniswap Team Admits It Is Storing User Data - Should You Be Worried
Uniswap Team Admits It Is Storing User Data - Should You Be Worried

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Uniswap Labs, behind one of the largest decentralized exchanges, Uniswap, has released a new privacy policy. Under this policy, Uniswap said it collects on-chain data from users to continue improving its products.

Uniswap admits to collecting users’ on-chain data

The decentralized space has often prided itself on the best policies for protecting users. Uniswap Labs said it wanted to use data to improve the experience that users had on the platform.

The platform said the collected data “includes public on-chain data and limited off-chain data like device type, browser version, etc.” Uniswap Labs also added that it did not collect users’ personal data. The platform did not collect users’ personal data, including their names, street addresses, email addresses, date of birth, or IP addresses.

The updated privacy policy by the DEX has also said that it gathers certain data to improve services and halt illegal activity while solving cybersecurity issues like bugs. Therefore, this data will be of help to the regulators, and it will allow the DEX to remain compliant with the relevant laws and regulations.

Uniswap gathers users and shares the data it collects from users that interact with the Uniswap web app that Uniswap Labs controls. This platform is different from the Uniswap smart contract. “Because Uniswap Labs does not collect personal data, any vendors we work with do not have any personal data either,” it added.

Uniswap as one of the largest DEXs

Uniswap is one of the most popular decentralized applications. The app is created on the Ethereum blockchain, allowing people to swap Ethereum-based tokens. DEXs have been praised since the collapse of FTX due to reports that the decentralized finance (DeFi) sector has remained afloat.

However, some of the top DeFi lending platforms, such as Celsius, BlockFi, and the Genesis lending unit, have already gone under. Celsius filed for Chapter 11 bankruptcy earlier this year. BlockFi and Genesis recently halted withdrawals due to these firms’ massive exposure to the collapsed FTX exchange.

Over the years, Uniswap has been criticized for listing tokens without authorization from a third party. The Uniswap DEX supports thousands of new cryptocurrencies, some of which end up being rug pulls. Nevertheless, the Uniswap DEX remains the largest by trading volumes.

While Uniswap has said that it does not collect users’ data, this move has been criticized by crypto community members. Some users have said that this privacy policy update contradicts the crypto sector’s privacy and anonymity.

Some users said that Uniswap collecting user data could set a precedent for other DEXs, given that it dominates the market. One Twitter user has also claimed that Uniswap was not the first DEX to collect user data, urging users to use virtual private networks (VPNs) to keep their online traffic private.

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