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Uniswap Updates: New Widget Allows Users to Trade on Twitter via Uniswap & Is Uniswap Truly Decentralized?

Uniswap has become the DeFi platform to beat in recent months, and its namesake UNI token is one of the most covetable crypto assets this year since its launch a little over a week ago. With this in mind, Maskbook (Mask Network), unveiled an innovative trading widget which allows Twitter users to view token data and trade on Uniswap directly on the social media platform.

All users have to do is hover their mouse over a crypto asset with the ‘$’ symbol such as $ETH, the trading widget will appear. Mask Network’s goal is to connect social media networks and apps existing in the market with new technologies rather than rolling out a brand new API and centralized server.

“Leveraging Defi, this trading widget marks our second step to bring a better personal finance experience to the general public. We will further introduce a full suite of Decentralized Finance apps to platforms like Facebook and Twitter,” the team announced.

A project which was launched mid-2019, the widget can be accessed on android, iOS, Apple, Chrome and Firefox. As it aims to connect with major social networks such as Facebook, WeChat and others aside from Twitter, this trading widget may be available on other platforms in the future.

In other related news, Uniswap has come under scrutiny after a report was published by analytics firm Glassnode, on whether the project’s governance model is as beneficial to users and yield farmers as it claimed to be with the launch of the UNI token.

As previously reported, UNI’s token supply allocation has been clearly detailed by the Uniswap team. 60% of UNI tokens have been allocated for Uniswap users, and the remaining out of the total 1 billion UNI supply will be shared between the Uniswap team (21.51% to current and future staff), investors (17.8%) and advisors (0.69%) over a vesting period of 4 years. 

Glassnode posits that while the tokens allocated to users are indeed released gradually with time stipulations as dictated by the smart contract behind it, the tokens set aside for the Uniswap team are not subject to the same restrictions. 

“Although Uniswap has claimed that the team and investor allocation will vest over 4 years, the exact vesting schedule has not been publicly announced. Even more worryingly, these tokens currently appear to be fully liquid,” Glassnode said. “It remains unknown who controls the keys to these addresses, but unless there is some other explanation, these tokens are apparently not locked up. It appears that the term “vesting” has been used very loosely by the Uniswap team, perhaps with the express goal of misleading community members into thinking the team/investor tokens will not be accessible until they vest.”

Glassnode also stated that this loophole was likely put in place for security reasons, but adds that the team should have been upfront about the disproportionate amount of power and authority the Uniswap team has in a project that has fully marketed its decentralized governance model.

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