Uniswap Labs, the development firm behind Uniswap, the largest decentralized exchange on Ethereum, has released a new privacy policy in which they specify what kind of data they collect.
According to the new policy, Uniswap Labs collects and logs both on-chain and off-chain data. The firm said that on-chain data includes everything that’s publicly available, like wallet addresses and transaction history. Uniswap claimed that this is needed to “learn more” about users’ behavior using the exchange and “screen [their] wallet(s) for any prior illicit activity.”
Off-chain data includes browser type, operating system, referring and exit pages, device or browser language, and other information. Uniswap Labs also said that it collects information from “localStorage, mobile deviceID, cookies, web beacons, and other similar technologies” to “remember tokens you import, star, or add to your shopping bag,” among other things.
Uniswap Labs clarified that it doesn’t maintain user accounts and doesn’t collect or store personal information like names, addresses, dates of birth, email addresses, or IP addresses. It also said that it doesn’t share user information with “any third parties for any marketing purposes whatsoever.”
However, the company said it will share the collected users’ data with third-party service providers to help detect illicit activity, comply with legal requirements, and solve potential security issues like bugs.
“We are committed to making iterative improvements to our privacy and security practices. For example, we recently released a reverse proxy server that sits between user devices and any third-party tool. This prevents third-party tools from reading user data, adding an additional layer of protection. We will continue to apply these policies to existing and future Uniswap Labs products,” the privacy policy states.
Uniswap Labs has been receiving more attention from investors lately. In October, the firm raised $165 million in a Series B funding round led by Polychain Capital, with participation from a16z, Paradigm, SV Angel, and Variant. The latest funding round put Uniswap Labs’ value at $1.66 billion.
Uniswap is the largest decentralized exchange on Ethereum. It has a market share of over 43%, according to data from DefiLlama. Since its inception in 2019, the exchange has seen over $1.34 trillion in volume. Uniswap’s token UNI has a market cap of $3.9 billion and is currently trading at $5.14, according to CoinGecko.
Uniswap is often hailed as the most efficient decentralized exchange where users can trade anonymously and without permission. Uniswap Labs must take great caution so as not to overstep boundaries when collecting user data. Otherwise, it might receive a backlash from its community and the general crypto industry.
You Might Also Like:
Uniswap Labs Raises $165M Amid Lessened VC Crypto Funding
See original on DailyCoin
Source: Cryptocurrency - investing.com
