21 Nov 2022
Uniswap has announced that it is collecting user data in a specific way.
A common misconception is that the widely used decentralized exchange keeps track of user information like names and IP addresses.
Today, Uniswap, a major decentralized exchange, announced that it collects some user information but no personal information, such as traders' browsers or device types.
Transparency, according to the decentralized exchange (DEX), was crucial, and it gathered specific off-chain and on-chain data to enhance user experience.
Public data that appears on a blockchain is referred to as on-chain data. This includes interactions with smart contracts, purchases, transactions, wallet transfers, etc. Off-chain data, which consists of a user's operating system and type of device, is not directly connected to a blockchain but can still identify a wallet and its activity.
On Monday, the Uniswap Labs blog stated that “protecting user data and privacy is our top priority, but we want to make data-driven decisions that enhance user experience.”
“This includes limited off-chain data like device type and browser version and public on-chain data like device type. All vendors we work with have no personal data because Uniswap Labs does not collect any.”
According to Uniswap's post, it does not gather users' personal information, including names, addresses, emails, or IP addresses. Additionally, it stated that “your data is not shared with any third parties for marketing purposes.”
According to the most recent privacy statement, it gathers specific data to enhance services, thwart criminal activity, and address security flaws like bugs. Additionally, it stated that such information would help regulators “comply with applicable laws and regulations.”
Anyone can swap Ethereum-based tokens thanks to the well-liked app Uniswap, which was created on the platform.
Because there is no sign-up process or token “listing” procedure on Uniswap, it differs from centralized exchanges like Coinbase in that anyone can use it, and tokens can be traded without the need for prior approval from a centralized third party.
According to CoinGecko, Uniswap is the largest DEX by 24-hour volume, having transacted more than $1 billion worth of tokens.
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