Uniswap Wallets Surge to Whopping 7.26 Million Amid Regulatory Scrutiny

• The cumulative trading volume on Uniswap hit a new record high of over $2T on April 5th.
• The US SEC has notified Uniswap Labs of a potential enforcement action.

In May 2024, there were 7.26 million wallets on the decentralized exchange (DEX) Uniswap, up from 3.03 million in May 2023, an increase of around 140%, according to statistics from Dune Analytics.

The growth in Uniswap’s user base mirrors that of other records on the platform. The cumulative trading volume on Uniswap hit a new record high of over $2 trillion on April 5th. When it comes to total value locked, the DEX is at $5.31 billion, whereas PancakeSwap is at roughly $2 billion, making it the runner-up.

According to CMC, the price of UNI is $7.14, up 1.59% in the last 24 hours at the time of writing. Furthermore, the trading volume of the UNI token is down 32.52%.

Regulatory Scrutiny

The protocol’s success over the last year has also been subject to some criticism. Suing Uniswap seems to be part of the U.S. Securities and Exchange Commission’s (SEC) regulatory assault against decentralized finance (DeFi).

In a blog post, Uniswap Labs—the team behind one of the largest cryptocurrency exchanges in the world—announced that the US SEC has notified them of a potential enforcement action. While the SEC’s push to apply U.S. securities law to digital asset-related businesses like Coinbase is hinted at in the blog post, the exact reason for the warning against Uniswap is not readily apparent.

The crux of the matter in the ongoing dispute between the SEC and crypto exchange Coinbase, is whether digital assets should be regulated by the SEC like stocks or bonds.

Highlighted Crypto News Today:

Ripple Shows Resilient Rally Amid Market Volatility: Can XRP Make A Comeback?