Uniswap CEO Denies $20 Million Bribe Allegations

Hayden Adams Responds to $20 Million Bribe Claims

Uniswap CEO Hayden Adams has firmly denied allegations that the decentralized platform charges bribes for protocol deployments. This controversy surfaced after a cofounder of Millicent Labs claimed that Uniswap demanded $20 million for deploying protocols. Adams refuted these claims, emphasizing that governance voting is the sole method for determining protocol deployment on Uniswap, not payments.

In a public statement, Adams dismissed the allegations as false and accused the accusers of attempting to provoke engagement with baseless claims. He clarified that neither Uniswap Labs nor the Uniswap Foundation has ever charged for deploying protocols on its platform.

Protocol Deployment Based on Governance

Uniswap is an open-source protocol that allows the trading of ERC20 tokens on the Ethereum blockchain. Protocols are deployed based on the governance voting process, not through payments or bribes. Adams reaffirmed this in his statement, noting that the Uniswap platform operates transparently with the community’s input.

The allegations first came to light when a user on X (formerly Twitter) named Alexander claimed Uniswap charged hefty sums for protocol deployment. This followed similar accusations by Millicent Labs cofounder Kene Ezeji-Okoye, who alleged Uniswap demanded significant fees for deployment and additional user incentives for trading carbon credits.

Adams quickly responded, explaining that the comments were inaccurate and that Uniswap has never taken money to deploy protocols. He also pointed out that the focus of Uniswap Labs is on developing the protocol and managing the interface, while governance voting remains the key decision-making process for deployment.

Celo Foundation Proposal and Response

The controversy also stems from a proposal made by the Celo Foundation, which oversees the Celo blockchain, a platform focused on environmental impact and Web3 use cases. In 2022, the Celo Foundation approached Uniswap to discuss potential partnerships to promote green asset-backed tokens and the restructuring of their treasury.

As part of the proposal, the Celo Foundation committed millions in CELO tokens for Uniswap-specific incentives and grants to promote sustainable use cases. The proposal went through the governance process and was approved by the community with overwhelming support. However, this proposal appears to have been misinterpreted by critics, leading to unfounded claims of bribery.

Settling With the CFTC

In the midst of these allegations, Uniswap also recently resolved a case with the Commodities Futures Trading Commission (CFTC). The exchange faced allegations of illegal retail transactions using digital assets. As part of the settlement, Uniswap agreed to pay a fine and cooperate with the authorities.

Despite these legal challenges and the ongoing controversy, Uniswap’s platform continues to maintain its commitment to transparency and community-led governance.