Friday, 12 April 2024

Crypto News

Uniswap Announces V4 Launch, Pumping $UNI Price as $GFOX Prepares for DEX Debut

Uniswap Announces V4 Launch, Pumping $UNI Price as $GFOX Prepares for DEX Debut

According to the Uniswap exchange’s community, Uniswap is poised to take full advantage of the Dencun upgrade on Ethereum. While details of how the platform intends to improve its service are still limited to the community’s February 15 post on X, $UNI has gone up by almost 10%.

At the same time, the leading P2E memecoin, $GFOX, has crossed over 95% in sales, with an imminent listing on DEXs on the horizon. Full details of Uniswap’s prospective improvement and GFOX’s progressive sales are discussed in the following sections.

The Launch of Uniswap’s V4

Uniswap was founded in 2018 as a decentralized cryptocurrency exchange on the Ethereum blockchain. It is currently one of the exchanges with the largest daily trading volumes and has thus far maintained its popularity for finance applications on Ethereum.

On February 15, 2024, the platform’s official community, Uniswap Foundation, announced via social media platform X that it was launching Uniswap v4. According to the post, Uniswap v4 is to be launched on the Dencun upgrade on Ethereum, slated for March 2024. The post further disclosed that the protocol’s version 4 is currently in the “Code Freeze” phase. The platform’s team is said to be focused on completing and testing core codes, gas optimization, and security protocols.

To boost the credibility and popularity of the V4, the foundation disclosed that the product will be audited by credible firms and shared its plans to host a community audit contest to ensure that Uniswap v4 is rigorously audited. The protocol is to be deployed to the testnet before its launch on the Ethereum mainnet. This is expected to happen before Q4 2024.

The team has revealed its plan to incorporate “hooks” into this new project. This incorporation is expected to allow custom logic that will potentially lower fees and offer users premium asset management options. While this is generally a welcome innovation, some market analysts have speculated that it is not as simple as it appears.

According to them, “hooks” are a departure from the order of traditional smart contracts; hence, they may affect on-chain limit orders, time-weighted average market making, the deposition of out-of-range liquidity into lending protocols, auto-compounding liquidity provider fees, and KYC. It may further stifle competition in the DeFi space, as Uniswap…

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