Previous article Uniswap Should Be Oracle for Fiat Currencies too: Vitalik Buterin Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Uniswap Should Be Oracle for Fiat Currencies too: Vitalik Buterin Uniswap Should Be Oracle for Fiat Currencies too: Vitalik Buterin By Jack Pearson - min read 12 May 2021 The Ethereum creator made suggestions for the development of Uniswap in a forum post on the Uniswap Governance Forum. Buterin proposed that Uniswap should become an oracle token for fiat currency – oracles are used for transmitting and sharing price data and used to calculate liquidation prices and prevent 51% attacks He also outlined some of the current problems facing the decentralised exchange platform, including that UNI can currently be used as an oracle for ERC-20 coins, but cannot do so for outside currencies, such as the US dollar – this is a problem, he says, as it means UNI must heavily rely on stablecoins such as USDC to continue to operate Buterin ended his post by saying that Uniswap could be part of Layer 2 solutions for the Ethereum network and the DeFi space more broadly – something that could be seen as an endorsement by the Ethereum creator for the DEX project Uniswap is currently trading for $42.27, having seen a price increase of 41.3% in the last 30 days Sources Cited https://gov.uniswap.org/t/uni-should-become-an-oracle-token/11988 Share this article Categories Technology