Uniswap Labs Counters SEC Probe And UNI’s 30% Price Drop With New Cross-Chain ERC Standard
Summary
Uniswap Labs received a Wells Notice from the SEC, potentially leading to an Enforcement Action. They partnered with Across to propose a new standard for cross-chain intents, aiming to improve interoperability. UniswapX will be the first adopter of the new ERC, focusing on cross-chain functionality. The proposed standard aims to enhance efficiency, reduce costs, and eliminate siloed networks, improving decentralization and user experience. The SEC's Wells Notice has led to a significant drop in the UNI token's price, with a 35% decrease over the past month, currently trading at $8.820.
