The development team behind the decentralized exchange Uniswap, Uniswap Labs, revealed in a recently released privacy policy that it collects particular on-chain data from its users in order to improve the platform.
The team made it clear that it does not keep track of user accounts or gather and store private data such as first and last names, addresses, dates of birth, email addresses, or IP addresses. However, there are some restrictions on when and how Uniswap may share or reveal the information it gathers.
The (DEX) Uniswap exchange declared in a blog post on Monday that openness is important and that it has gathered some off-chain and on-chain data to enhance user experience on its platform. The information that occurs on the blockchain is known as “on-chain data.” While off-chain data, like a user’s device type and operating system, is external to the blockchain and can still be linked to a wallet and its activities, it may include purchases, transactions, wallet transfers, and interactions with smart contracts.
The community was further reassured that no third parties would receive user data for marketing purposes. “We don’t collect or retain personal information like first and last names, addresses, dates of birth, email addresses, or IP addresses, to start with. We are dedicated to continuously improving our privacy and security procedures.” The DEX further disclosed that it might share the information gathered with its vendors and service providers to help them with the offering, delivery, and improvement of the services.
The same holds true for legal disputes, administrative actions, compliance checks, and when required by a subpoena, court order, or another legal process, in addition to investigations and preventing unauthorized, fraudulent, or illegal activity on its platform. In order to protect its customers, its business, or third parties, as well as to uphold its agreements and policies, Uniswap may also share data as it sees fit.
According to its privacy policy, such a scenario could also happen in the case of a merger, acquisition, bankruptcy, dissolution, reorganization, asset sale, or other types of business transactions.
At the time of publishing the article, Uniswap price was up by 2.00 percent where it traded at $$5.47 USD with a 24-hour trading volume of $98,261,971 USD with it ranking at number 17 in the crypto market.