{"id":380144,"date":"2023-03-14T08:07:32","date_gmt":"2023-03-14T08:07:32","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=380144"},"modified":"2023-03-14T08:07:32","modified_gmt":"2023-03-14T08:07:32","slug":"banks-are-nothing-but-a-scam-says-uniswap-boss","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/banks-are-nothing-but-a-scam-says-uniswap-boss","title":{"rendered":"Banks Are Nothing But A Scam, Says Uniswap Boss"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Uniswap founder Hayden Adams says banks are \u201ca massive scam\u201d when compared to <a href=\"https:\/\/insidebitcoins.com\/news\/defi-needs-a-makeover-to-develop-and-prosper-in-the-crypto-winter\">decentralized finance<\/a> (DeFi) platforms. This comes after three high-profile bank collapses sent players in both the crypto and financial markets panicking.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Collapse of Signature Bank, SVB, Silvergate Shake Up Financial Market<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The crypto space witnessed a number of devastating bankruptcies in 2022 triggered by the collapse of Do Kwon\u2019s Terra Ecosystem. This was exacerbated by the d<a href=\"https:\/\/insidebitcoins.com\/news\/ftxs-stunning-collapse-what-really-happened\">emise of Sam Bankman-Fried\u2019s crypto empire FTX<\/a> cryptocurrency exchange in November 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The contagion effects snowballed into 2023 with major players like<a href=\"https:\/\/insidebitcoins.com\/news\/genesis-crypto-lending-division-declares-bankruptcy-in-the-u-s\"> Genesis filing for bankruptcy<\/a> after holding on longer than the likes for Celsius Network, three Arrows Capital, Vauld, <a href=\"https:\/\/insidebitcoins.com\/news\/blockfi-desperate-to-cling-to-experts-as-bankruptcy-process-rumbles-on\">BlockFi<\/a> and Voyager Digital which had filed for bankruptcy last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As if this was not enough, the crypto market now stares at weeks of uncertainty and volatility after two crypto-friendly banks, Signature Bank and Silicon Valley Bank (SVB) were forced to halt their operations in the US over the weekend.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Signature Bank shut down in connection with Silicon Valley Bank collapse <a href=\"https:\/\/t.co\/UdFcYny73B\">https:\/\/t.co\/UdFcYny73B<\/a><\/p>\n<p>&mdash; Fox News (@FoxNews) <a href=\"https:\/\/twitter.com\/FoxNews\/status\/1635226754859008001?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The collapse of the SVB and the Signature Bank comes only a few days after <a href=\"https:\/\/insidebitcoins.com\/news\/signature-bank-stock-in-freefall-after-silvergate-collapse\">Silvergate<\/a>, another cryptocurrency-friendly bank, chose to cease operations on March 9 citing the effects of the FTX collapse.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Just as with the collapse of centralized exchanges (CEXs) customers now have big amounts of funds locked in these banks including crypto companies. For example, Circle, the company that issues the USD Coin (USDC) stablecoin, revealed that more than <a href=\"https:\/\/insidebitcoins.com\/news\/circle-faces-criticism-for-the-lack-of-transparency-after-saying-that-3-3b-in-usdc-is-with-svb\">$3.3 billion of its reserves were locked in SVB<\/a>. This caused USDC to deviate from its dollar peg reaching all-time lows of $0.87 on Saturday. Other stablecoins such as DAI, FLAX, and USDD which hold reserves in USD<\/span><\/p>\n<p><span style=\"font-weight: 400\">Fortunately, USDC has since recovered back to $0.99 courtesy of an <\/span><a href=\"https:\/\/www.circle.com\/en\/pressroom\/3.3-billion-of-usdc-reserve-risk-removed-dollar-de-peg-closes\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">official statement<\/span><\/a><span style=\"font-weight: 400\"> by Circle reassuring users that \u201c$3.3 Billion of USDC Reserve Risk [has been] Removed.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Uniswap Founder Thinks Banks Can Rug Users Any Time<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The demise of Silvergate Bank, Signature Bank and SVB has left players in the financial markets questioning whether banks are safe custodians of customer funds. One such person is Hayden Adams, the founder of Uniswap decentralized exchange (DEX), who has criticized banks\u2019 \u201ccollateral requirements\u201d adding that they only give a very small percentage of their revenue to depositors. Adams was also concerned that banks might &#8220;rug&#8221; customers at any time.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If you compare banks to DeFi protocols you realize what a massive scam they are<\/p>\n<p>Only 10% collateral requirements? Only a tiny fraction of returns paid out to users? Users can get rugged at any time?<\/p>\n<p>Feeling bad for everyone negatively affected by degen banks \ud83d\ude41<\/p>\n<p>&mdash; hayden.eth \ud83e\udd84 (@haydenzadams) <a href=\"https:\/\/twitter.com\/haydenzadams\/status\/1634394729306546178?ref_src=twsrc%5Etfw\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">As commercial entities, banks in the United States are subject to state and federal laws depending on their licenses. According to the fractional reserve system, banks are required to make a certain proportion of customer deposits available for withdrawal. Therefore, banks only need to keep a specific amount of cash on hand and can create loans from the rest of the deposits.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, in the event of a bank run\u2014a surge in customer withdrawals that depletes the liquidity of the bank\u2014deposits may have to wait longer.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Last week, California regulators placed Silicon Valley Bank (SVB) under the Federal Deposit Insurance Corporation&#8217;s (FDIC) receivership following a bank run. During the weekend, a lot of individuals and companies, including Circle, the creator of the fiat-backed stablecoin USDC, were exposed and unable to access their money.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Hayden, the very fundamental foundation of the global financial system is a &#8220;massive scam&#8221; because of this limitation and the vulnerability of banks. Since then, the Federal Reserve of the United States has said that it will only help depositors access their funds, ruling out any plans to bail out the banks.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">DeFi Protocols Benefit From The USDC De-Peg<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The collapse of FTX saw a massive exodus from CEXs to DeFi protocols and DEXs such as Uniswap and Sushiswap. There were also increased withdrawals from CEXs as users preferred storing their crypto in self-custody wallets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">DeFi protocols are standards, codes, and procedures that govern decentralized financial applications guided by smart contracts. Platforms like Uniswap operate every day of the week on several blockchains, including Ethereum, allowing peer-to-peer swaps of cryptocurrencies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/uniswap-opts-for-binance-bnb-chain-launch\">Uniswap<\/a> has emerged as one of the largest decentralized exchanges in the world since its launch in November 2018. UNI, its governance token, has rallied 15% from the $5.4 psychological level on Sunday to hit a high of $6.24 on Monday.<\/span><\/p>\n<p><b>UNI\/USD Daily Chart<\/b><\/p>\n<figure id=\"attachment_380145\" aria-describedby=\"caption-attachment-380145\" style=\"width: 2493px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14.png\"><img decoding=\"async\" class=\"wp-image-380145 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14.png\" alt=\"Uniswap Price Chart\" width=\"2493\" height=\"1346\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14.png 2493w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14-300x162.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14-1024x553.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14-768x415.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14-1536x829.png 1536w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Uniswap-Price-Chart-Mar-14-2048x1106.png 2048w\" sizes=\"(max-width: 2493px) 100vw, 2493px\" \/><\/a><figcaption id=\"caption-attachment-380145\" class=\"wp-caption-text\"><em>TradingView Chart: UNI\/USD<\/em><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At press time, Uniswap had retreated to $6.13 but it traded in a third consecutive bullish session. And with the Relative Strength Index (RSI) pointing upward, the UNI price was set to continue growing.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, Uniswap posted a surge in daily trading volume amid the de-pegging of USDC reaching $3.35 billion on Ethereum on March 12.\u00a0<\/span><\/p>\n<p><b>Uniswap Daily Trading Volume on Ethereum<\/b><\/p>\n<p><a href=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-14-at-10.22.54.png\"><img decoding=\"async\" class=\"aligncenter wp-image-380146 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-14-at-10.22.54.png\" alt=\"Uniswqp 24 hour trading volume\" width=\"1128\" height=\"633\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-14-at-10.22.54.png 1128w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-14-at-10.22.54-300x168.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-14-at-10.22.54-1024x575.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-14-at-10.22.54-768x431.png 768w\" sizes=\"(max-width: 1128px) 100vw, 1128px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400\">As of the time of writing, Uniswap had a total value locked (TVL) of $3.6 billion, according to <\/span><a href=\"https:\/\/defillama.com\/protocol\/uniswap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from DeFiLlama.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another top DEX Curve saw the price of its native token CRV rise by 27% over the same time frame with the daily <\/span><a href=\"https:\/\/nomics.com\/exchanges\/curve-curve-finance-ethereum\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">trading volume<\/span><\/a><span style=\"font-weight: 400\"> surging to $1.07 billion on March 10. At press time, its <\/span><a href=\"https:\/\/defillama.com\/protocol\/curve\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">total value locked<\/span><\/a><span style=\"font-weight: 400\"> stood at $4.78 billion.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Related News:<\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/binance-converts-1-billion-industry-recovery-initiative-funds-from-busd-to-btc-ether-and-bnb\"><b>Binance Converts $1 Billion Industry Recovery Initiative Funds From BUSD To BTC, Ether And BNB<\/b><\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/maker-price-prediction-for-today-march-13-mkr-usd-could-hit-1100-resistance\"><b>Maker Price Prediction for Today, March 13: MKR\/USD Could Hit $1100 Resistance<\/b><\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/no-government-bailout-for-silicon-valley-bank-says-yellen\"><b>No Government Bailout For Silicon Valley Bank, Says Yellen<\/b><\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\"><span style=\"font-weight: 400\">How to Buy Cryptocurrencies<\/span><\/a><\/li>\n<\/ul>\n\n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Uniswap founder Hayden Adams says banks are \u201ca massive scam\u201d when compared to decentralized finance (DeFi) platforms. This comes after three high-profile bank collapses sent <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/banks-are-nothing-but-a-scam-says-uniswap-boss\" title=\"Banks Are Nothing But A Scam, Says Uniswap Boss\">[&#8230;]<\/a><\/div>","protected":false},"author":1850,"featured_media":380150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[13981,13982,4550,12292,10661],"class_list":["post-380144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-banks-are-scams","tag-hayden-adams","tag-uni","tag-uni-usd","tag-uniswap"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banks Are Nothing But A Scam, Says Uniswap Boss<\/title>\n<meta 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