Uniswap Asserts That It Now Collects Specific User Data

Published on:

Last Updated on November 22, 2022 by Bitfinsider

Major decentralized exchange Uniswap announced today that it collects some user data, such as the type of device or browser used by traders, but no personal information.

In a blog post published on Monday, the decentralized exchange (DEX) stated that “transparency was crucial” and that it collected certain off-chain and on-chain data to enhance the user experience.

On-chain data is information that is accessible to the public on the blockchain. This includes purchases, transactions, wallet transfers, and smart contract interactions. Off-chain data, like as a user’s device type and operating system, are external to a blockchain, but can be linked to a wallet and its activity.

Monday’s blog post from Uniswap Labs stated, “Our top goal is protecting user data and privacy, but we also want to make data-driven decisions that enhance the user experience.”

This covers both public on-chain and limited off-chain data, such as device type, browser version, etc. Because Uniswap Labs does not collect personal information, neither do the companies with whom we partner.

In its article, Uniswap stated that it does not gather users’ personal information, like names, addresses, email addresses, or IP addresses. Additionally, it “does not share your information with third parties for marketing purposes.”

The DEX collects certain data to enhance its services, prevent illegal conduct, and resolve security issues such as bugs, according to its revised privacy statement. In addition, such information would help regulators “comply with applicable rules and regulations,” the document stated.

Uniswap is a popular Ethereum-based application that allows anyone to exchange Ethereum-based tokens. It differs from centralized exchanges like Coinbase in that anybody can use Uniswap without registering, and there is no “listing” mechanism for tokens, meaning tokens can be traded without authorization from a centralized third party.

According to CoinGecko, Uniswap is the largest DEX by 24-hour volume, with over $1 billion in tokens traded in the previous day.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.