“We collect user’s on-chain data” 一 Uniswap on the new policy update

    Tanya Sharma
    Tanya Sharma
    Published on November 23, 2022 6:15 PM

    Updated on January 10, 2023 2:20 PM

    Uniswap Labs stated it doesn't collect personal data, such as first name, last name, street address, date of birth, email address or internet protocol address.
    “We collect user’s on-chain data” 一 Uniswap on the new policy update
    Source: Uniswap

    Uniswap, a major decentralized exchange (DEX), has revised its privacy policy and now gathers some on-chain and off-chain data from users, which has enraged certain crypto community members.

    Uniswap Labs announced the revelation, the development business behind Uniswap, in its privacy policy update on November 11, which allegedly went missed owing to the FTX incident and stayed undiscovered until November 21 when Chinese writer Colin Wu shared it on Twitter.

    "We do want to make data-driven decisions that improve user experience," Uniswap Labs remarked in the announcement. "That includes public on-chain data and limited off-chain data like device type, browser version, etc."

    The privacy policy, which was most recently updated on November 17, 2022, outlined the exchange's collection of public information blockchain data, information about user devices such as browser information and operating systems, and information about users' interactions with its service providers, among other things. The platform further said that no personally identifiable information such as first name, last name, street address, date of birth, email address, or IP address is included in the data.

    RELATED: Uniswap Tokens Are 97% "Rug Pulls" - Crypto Twitter is Uncertain, Reportedly.

    While Uniswap faced the data it may use, several crypto enthusiasts stated the move goes against the primary ideals of crypto, which are privacy and anonymity.

    Chris Blec, a crypto enthusiast, backlashed the DEX platform while concluding his points directly.

    Another Twitter user, Yoda Research, stated, "STOP using Uniswap $UNI They've expanded their collection of on/ off-chain data connected to your wallets."

    Uniswap's commitment

    Uniswap Labs stated in its privacy policy that it uses user data to improve the company's services and products, stop fraudulent or illegal activity, solve potential security issues such as bugs, and even provide the collected information to regulators, government entities, and law enforcement to comply with applicable laws and regulations.

    According to the company, it does not share user data with other parties for marketing reasons.

    After the FTX solvency, the crypto market has suffered a lot. Due to various factors and the feud between Cz Binance and SBF, the whole DEX market declined rigorously because every exchange is now trying to make the internal operations transparent so any misconduct could be tracked easily. 

    After the announcement, Uniswap's native token Uniswap was in red and tumbled more than 4% on November 21, trading at $5.3 at the press time. However, the trading volume showed an upward movement. The trading volume is up 79%, according to coinmarketcap.