Uniswap Labs Increases Fees for Mainnet and Layer-2 Swaps to 0.25%
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Uniswap Labs has increased its fees for users trading through the Uniswap interface.
Most swaps performed on the platform now cost 0.25% instead of 0.15%.
The changes were made on April 10.Blockchain data.
It was XEN that was first charged a fee. It happened just hours after Hayden announced the Wells Noticehttps://t.co/SHpyMfVefQ pic.twitter.com/pviCxhZ1ij
Dan Smith (@smyyguy) April 13, 2024
Uniswap increases trading fees
Certain transactions are exempt from the new fee.
This includes swaps between Wrapped Ether and Ethereum (ETH).
The fee can be avoided by using alternative interfaces to access the Uniswap protocol instead of relying solely on the interface created by Uniswap Labs.
Uniswap Labs set the new fee for all trades on the mainnet, Layer 2 supported networks, and other trading platforms.
The fee adjustment came shortly after Uniswap’s founder Haya Adams announced that the company was in financial trouble.Wells Notice receivedThe U.S. Securities and Exchange Commission has hinted that a lawsuit may be filed.
TheSEC was first revealed to be investigating Uniswaplast summer.
Uniswap Labs is likely to be charged by the SEC for operating as an unlicensed exchange and trading unlicensed securities.
During an interview with Bankless, Adams emphasized that Uniswap Labs is a software development company and was instrumental in the development of the Uniswap protocol.
We also built an interface for the protocol we use. Many, many others have done the exact same thing.
LIVE NOW Uniswap vs. SEC
The crypto exchange that was the first to offer cryptocurrency, @Uniswap, is under attack after receiving an enforcement order from Gensler’s anti-crypto SEC on Wednesday, April 10, 2024.
Uniswap’s CEO @haydenzadams joins the podcast to share what happened,… pic.twitter.com/Nm7LuLs3cQ
Bankless (@BanklessHQ) April 12, 2024
Uniswap rejects proposal to distribute revenue to token holders
The Uniswap community has been active over the past monthRejecting a governance proposalThis included a revenue distribution option for UNI token holders
The rejected proposal sought to give the Decentralized Autonomous Organization (DAO) the power to change Uniswap’s fee switching mechanism. This would have allowed Uniswap to activate its much-anticipated “fee switch.”
This would have allowed the protocol’s revenue to be distributed to UNI token holders.
Activating a switch has been a goal since Uniswap distributed its UNI tokens to early adopters in 2020.
Earlier this summer, Uniswaplaunched a browser sidebar extensionalong with a feature to place limit orders and other tools that facilitate cryptocurrency transactions.
The Uniswap extension streamlines the swap process by allowing users to access digital assets from a sidebar.Sign and trade digital assetstransactions.
“Let’s face it — most wallet extensions have an outdated UX and a cumbersome onboarding flow,” Uniswap said in a social media post. “That’s why we built ours.”
The update included a limit order feature that allows users to automate the buying and selling of cryptocurrencies at preset prices.
UNI, on the other hand, is currently trading for $7, down over 7% in the last day.
According to CoinMarketCap, the token is down over 35% in the last week and 48% in the last month.
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