- Uniswap added 1,000 new token pairs over the course of a single week in early September.
- The decentralized exchange listed 150 per day, with a record day being last Sunday with over 220 tokens.
- While there are benefits to permissionless systems, the lack of gatekeepers can result in bad token listing.
A major DeFi project, and a leading DEX, Uniswap, recently went on quite a token-listing spree. The exchange added around 1,000 new trading pairs over the course of the last week. While this might seem like a good thing at first, the fact is that many of the listed pairs are of questionable quality.
Uniswap adds 1,000 new token pairs
The DeFi craze continues without a pause, despite the fact that plenty of its tokens saw massive price drops over the last week or so. Simultaneously, Uniswap started listing more and more token pairs, eventually reaching as many as 1,000 new ones.
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The company listed about 150 new pairs every single day since the beginning of the month. The move signalled how popular the permissionless token creation is, made possible via the Uniswap’s token factory.
Last Sunday, the exchange hit a record by creating 221 pairs in a single day, as Dune Analytics reported.
As mentioned, some do see the new development as a good thing. One such individual is a decentralized finance analyst working for Messari, Jack Purdy.
Uniswap offers 10 times more pairs than Binance
Uniswap’s efforts brought the total number of supported token pairs to 8,278, which is a 90% increase from the situation from 30 days ago. Meanwhile, this is almost 10 times more trading pairs than what the largest centralized exchange in the world, Binance, has to offer.
Binance only features 838 pairs, and in the entire past month, the exchange only added 15 new tokens.
Uniswap also saw development when it comes to trading volume, particularly in the past four months. The surge in volume was particularly noticeable for four specific tokens, including USDT, USDC, SushiToken, and Wrapped Ether, all four of which saw a volume greater than $50 million.
Another thing that Purdy noted is that a lot of worthless tokens and even those that are outright scams are likely to be listed, thanks to the fact that there are no gatekeepers that would approve or deny token listings. From this standpoint, the listing of tokens comes as a very bad thing that could end up being a major setback for DeFi, or even the entire crypto industry.
Uniswap itself recognized this issue back in August, and it spoke of it in a blog post.