Uniswap has been reportedly down for hours. It’s discord mod said that all users were unable to access the web app.
Decentralized Protocol (DeFi), Uniswap experienced a serious failure because it was unable to open for several hours. Popular journalist Colin tweeted that a Cloudflare routing issue was to blame for the breakdown, according to the company’s discord moderator.
Additionally, the moderator advised the users to use the IPFS links to access the most recent version until the problem was resolved. Although its front end is purportedly down, it should be noted that the contracts are operating normally.
Typically, the majority of users engage with the platform’s front end. They therefore assume the entire platform is down even if the issue only affects the front end. Not only is the Uniswap platform unavailable, but so is the trading activity on it.
The price of Uniswap (UNI), the protocol’s native token, has dropped by around 4% during the past 24 hours. At the time of writing, the price of Uniswap (UNI) is $5.783. The timing of the problem is historic; on Tuesday, Uniswap announced that in 2022, the number of new users of its Web app will have increased significantly.
With a $1.1 billion volume, Coinbase (NASDAQ:COIN) overtook the exchange to rank as the second-largest host for Ethereum trading. Many users are thought to have switched to Uniswap as a result of the current FTX fiasco.
The protocol also stated that users select well-known and reliable platforms. Surprisingly, identical Cloudflare routing concerns had been reported by cryptocurrency exchanges and websites in June 2022, including Etherscan Browser, Discord, CoinGecko, etc.
