Uniswap Introduces a New Token-Listing System

The largest non-custodial cryptocurrency exchange, Uniswap, has introduced a new token-listing system aimed at combating counterfeit tokens.

🦄We are excited to announce Token Lists, a new standard for creating lists of ERC20 tokens. This is a community initiative to improve discoverability and trust in ERC20 token lists in a manner that is inclusive, transparent, and decentralized.

Read more:https://t.co/iwQL3jojD9

— Uniswap Protocol 🦄 (@UniswapProtocol) August 26, 2020

Token Lists serves as a tool for selecting authentic tokens available for listing on the exchange. Currently, the service is integrated with resources such as CoinMarketCap, Coingecko, Dharma, Zerion, Kleros, TCR, Defiprime, Compound, Aave, Synthetix, UMA, 1inch and Roll.

Users can choose any of these aggregators, after which they will be presented with the list of tokens supported for addition to Uniswap.

Token Lists are already implemented in the Uniswap Interface. This is another big step forward in interface decentralization.

Check out the demo below to see Token Lists in action:https://t.co/mLXEVR0faM

— Uniswap Protocol 🦄 (@UniswapProtocol) August 26, 2020

At present, the exchange accounts for 55.6% of the decentralized exchange market, with a daily trading volume of more than $217 million. Over the past week the number of traders on the exchange exceeded 70,000, according to Dune Analytics.

A free-wheeling listing practice on the exchange had already led to problems. In early July the exchange was inundated with fake tokens from well-known projects, whose names, tickers and logos completely copied the original.

To verify the asset’s authenticity, users must manually verify its contract address. Token Lists enables adding only those tokens whose authenticity has been confirmed by the aggregators hosting them.

Earlier this week, Uniswap rose to the lead in gas usage on the Ethereum network.

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