Uniswap (UNI), the leading decentralized exchange (DEX) in terms of trading volume, has implemented a new protocol upgrade on multiple chains.
The DEX states that its new “v4” upgrade transforms the protocol into a “developer platform.”
This has been made possible through the introduction of hooks, which are contracts that allow for customization of how pools, swaps, fees, and liquidity provider (LP) positions interact. Hooks enable the incorporation of unlimited new features that enhance liquidity and increase the number of swaps.
The v4 version of the protocol is the most cost-effective yet. It is expected that creating pools on v4 will be 99.99% cheaper, and swappers will experience significant savings on multi-hop swaps. Additionally, the support for native ETH pairs brings substantial savings.
Uniswap also emphasizes that the upgrade has undergone nine audits, a security competition, and a bug bounty program worth $15.5 million, all of which did not uncover any critical vulnerabilities.
Uniswap v4 is currently available on Ethereum (ETH), Polygon (MATIC), Arbitrum (ARB), Optimism (OP) mainnet, Base, BNBChain, Blast, World Chain (WLD), Avalanche (AVAX), and Zora Network.
According to data from CoinGecko, Uniswap is the top DEX in terms of trading volume.
At the time of writing, UNI is trading at $11.85. This cryptocurrency, ranked 28th by market capitalization, has experienced a decrease of over 2% in the past 24 hours and nearly 6% in the past seven days.
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