Decentralized finance (DeFi) platform Uniswap announced that the platform will be inaccessible for a while in its post today. Explaining that there is a problem arising from IPES gateway, Uniswap team took the opportunity to emphasize the importance of decentralization.
Uniswap hosts more than $ 3 billion of the $ 13.7 billion DeFi industry. Uniswap, which is at the top of the DeFi world with its 22 percent dominance, shared a tweet today and announced that the access to the trading platform was partially closed.
Closed to access… “like”
According to the statement made by the exchange team, investors had difficulty in accessing the platform due to a problem caused by Cloudflare. But the difference between “decentralized exchanges” and “centralized exchanges” emerged here.
Users of this decentralized exchange can currently access the exchange from IPFS gateways other than Cloudflare. In addition, users can access the stock market with local servers. Uniswap investors can not only access the stock market, but also continue their transactions.
According to the information provided by the stock exchange team, investors can currently trade on Etherscan as well as on a command line. The Uniswap team stated in their post this morning that this is a feature that cannot be found in central exchanges, and reminded that the stock exchange was not accessible in any way when the central exchanges collapsed:
“When central finance (platforms) collapse, they cannot be accessed in any way. But there is no single weakness in Ethereum-based financial platforms that are truly decentralized.
The reaction was to Cloudflare, not the stock market
Central cryptocurrency exchanges can collapse due to the workload that occurs when the market is excessively active. Investors who disrupt their transactions due to this problem and cannot follow the current status of their order, react to the stock exchange management in such cases. But the same is not true of Uniswap.
— Overclocked Jesus (@ovrclockedjesus) November 14, 2020
Although Uniswap announced today that access to the stock exchange was partially stopped, there was no reaction from its users. So much so that in the comments under the social media sharing, negative comments were made about Cloudflare rather than Uniswap. Meanwhile, some users encouraged people to use alternative methods to Cloudflare.
A social media user reminded that Uniswap could not be active all the time, referring to the Infura incident that happened a few days ago, and criticized the exchange in this respect. Uniswap team said to this criticism, “(even when Infura collapsed) thousands of transactions were made in Uniswap.” replied with the message.