Uniswap Expands Reach: Deploys v2 Protocol On Six New Chains Including Arbitrum And Polygon

Uniswap (UNI), one of the largest decentralized cryptocurrency exchanges (DEX) by trading volume, has made an important announcement regarding deploying its v2 protocol on six additional chains.  The chains on which the v2 protocol has been deployed include Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Smart Chain (BSC), and Avalanche (AVAX). Uniswap Widens v2 Protocol Deployment According to a recent post on X (formerly Twitter) by Uniswap Labs, the software product developer working on the protocol, the decision to deploy the v2 protocol on more chains is primarily driven by the desire to simplify the experience for Liquidity Providers (LPs). While the protocols v3 offers advanced features tailored for active liquidity providers, the development team believes the v2 protocol offers a more straightforward approach.  By default, v2 pools cover the entire price range, reducing the need for upfront decisions and minimizing the active involvement of liquidity providers. This simplification streamlines the process and makes it more accessible to a broader range of users, according to the announcement.  Related Reading: AVAX Slips, Adding Tension To $365 Million Avalanche Token Unlock Drama Another benefit of using the v2 protocol on multiple chains, according to Uniswap Labs, is its cost efficiency. Creating pools on v2 is more gas efficient than other versions, resulting in lower gas costs to add liquidity.  This cost reduction can be translated into savings for users, making swaps on the platform incredibly affordable. In addition, the use of v2 on Layer 2 scaling solutions significantly reduces the risk of frontrunning and manipulative practices known as Miner Extractable Value (MEV).  Ultimately, by offering an official v2 deployment directly accessible through the Uniswap interface, the developers suggest that users can be assured of a safe and secure environment for their swaps. UNI Price Dip, Platform Metrics Remain Solid Despite the recent developments that could attract investors’ attention and drive broader adoption of the Uniswap protocol, the exchange’s native token, UNI, is currently undergoing a significant correction in line with the overall market trend. Currently, UNI is trading at $7.22, representing a 4.4% price drop in the past 24 hours and a 1.1% decline in the last trading hour. However, it’s worth noting that UNI has been one of the better-performing tokens in the market, with price increases of 14.7% and 16.8% in the past fourteen and thirty days, respectively. Furthermore, according to data from Token Terminal, the Uniswap ecosystem continues to exhibit substantial growth in key metrics.  Related Reading: Bitcoin FOMO Hasnt Spiked Yet: Green Signal For Rally To Continue? The fully diluted market capitalization of Uniswap stands at $7.56 billion, reflecting the total value of all tokens if they were fully in circulation. This figure has experienced a notable increase of 18.4% over the past month.  In contrast, the circulating market capitalization, which considers the currently circulating tokens, is valued at $6.94 billion, indicating a 19.9% increase over the same period. Despite the overall surge in market capitalization, the trading volume of the UNI token has experienced a significant decline of 69.3% over the past 30 days, amounting to $2.79 billion.  The total value locked (TVL), a measure of the value of assets locked within Uniswap’s smart contracts, has also experienced a 14.4% increase, reaching $4.76 billion.  Featured image from Shutterstock, chart from TradingView.com

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UNI Jumps Over 12% Heres Why Investors Flock To This Token

A few outliers continue to break through the bearish attitudes looming over the crypto horizon of late. UNI is one of those tokens, with an impressive jump of over 12% in the past 24 hours, investors have flocked to this altcoin in search of a bullish continuation.  The first quarter of this year brings a lot to the table for investors. Just this month, Uniswap reported that its deployment on Arbitrum led to the swap volume on the latter to jump by a significant amount. The news is also coupled with exciting new info on Uniswaps latest agenda: the launch of Uniswap v4.  Arbitrum swap volume has grown more than 4x since this time last year pic.twitter.com/w4iEhKGUty Uniswap Labs (@Uniswap) February 16, 2024 Related Reading: VeChain Rules Top 100 Crypto List With 67% Rally Ahead Of Major Announcement What Is Uniswap V4?  After news that Ethereum, Uniswaps L1, will have its Dencun upgrade in this years first quarter, Uniswap then announced that their latest iteration of the protocol would be launched sometime in Q3 2024.  Now that the launch of Dencun on Mainnet has been scheduled for March 2024, we’re excited to provide an update to the community! Uniswap v4’s launch is tentatively set for Q3 2024. From community-built Hooks (https://t.co/WyaGr1Ti1t), to events, to Twitter Spaces, the Uniswap Foundation (@UniswapFND) February 15, 2024 In essence, Uniswap v4 is a more efficient and cost-effective brother of v3. According to Uniswaps own website, it is a non-custodial, non-upgradeable, and permissionless automated market maker protocol. In the announcement, v4 is currently in its first phase with the developers finalizing the core functionalities and features of the upgrade. The update would let the team create new features on top of the current AMM design of the protocol. This eliminates the need for creating an entirely new design from the ground up.  UNI currently trading at $7.462 on the daily chart: TradingView.com Leading The Innovation Charge Uniswap is also ramping up its effort in providing funding for innovators in the Web 3 space. Last week, the Uniswap Foundation X account released a detailed look at the organizations new granting strategy.  Introducing our Reimagined Grants Strategy Our vision is simple: to make the @Uniswap Protocol the liquidity layer of the Internet. As stewards of the Protocol and the Community, we have evolved our grants strategy to turn this vision into reality. Here’s why and how Uniswap Foundation (@UniswapFND) February 7, 2024 In short, the new strategy revolves around granting a minimum of $250,000 in four audience-specific categories: developers, researchers, delegates, and innovation (all stakeholders).  For now, no date of implementation has been announced for these new grants.  UNI: Challenging Week Ahead For Investors The lead-up to the month of March has certainly brought a level of hype around the broader market, but thus hype has since died down and was replaced by profit-taking attitudes. UNI will inevitably experience this bearishness taking hold in the coming weeks as the market potentially dips.  If this happens, investors and traders have strong support on the 50% and 38.20% price levels. These supports will slow down any bearish advance, stabilizing UNIs price at the $7.3 and $7 range.  Related Reading: BONK Price Jumps Over 30% As Robinhood, Revolut Listing Speculations Gain Traction Featured image from Adobe Stock, chart from TradingView

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Developer Explains Why Meme Coins Are Shifting Base From Ethereum

Foobar, a code builder, criticizes Ethereum, accusing its developers of neglecting crucial improvements. Because of this shift, projects, including meme coin issuers, are adopting alternative protocols, including layer-2s and modern blockchains like Solana, which boast more features, mostly higher scalability.  Ethereum Developers Are Blocking Mainnet Updates Taking to X, the developer claims that there have been no major mainnet improvements chiefly because such upgrades are being blocked by core and client developers. Specifically, Foobar cites the long-standing delays for features like Trie State Storage Optimizations (TSTORE) and Externally Owned Account (EOA) batch transactions. The developer also noted the lack of block gas limit increase since 2021.  Related Reading: Bitcoin ETF Surges: Last 4 Days Inflows Outpace Initial Weeks The developer adds that the absence of main net updates and opcode improvements leading to the implementation of these proposals could be why decentralized apps (apps) launching on Ethereum are “bleeding tremendous value” due to high fees and limitations. TSTORE and EOA batch transactions are proposals that, if they see the light of day, could see Ethereum scale better. Specifically, proposers of TSTORE forwarded a solution to address storage bloat to improve performance. On the other hand, EOA will enable the bundling of transactions from the same sender, reducing gas fees.  Meanwhile, Etherscan data shows that the block gas limit has been capped at around 30 million since August 9, 2021. Subsequently, Ethereum throughput remains low, and gas fees are higher, considering the high on-chain activity. The failure of clients to integrate these proposals, the developer continues, makes Ethereum unusable for “any interesting app requiring moderate complexity.” Subsequently, many projects are migrating to layer-2s like Base, Arbitrum, Optimism, or entirely different blockchains like Solana and Avalanche due to limitations on the Ethereum mainnet. Meme Coins Find Home In Solana And Others As of mid-February 2024, more meme coin developers, reading from the popularity of emerging projects, are deploying from high throughput and low-fee platforms like Solana, Avalanche, and even Base. Meme coins like Bonk, Honk, and even the successful Bald on Base are examples. Meanwhile, meme coin projects on Ethereum, like Pepe Coin (PEPE), appear to be losing market share as Shiba Inu, for example, launched Shibarium to offer its users lower transaction fees. Related Reading: Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes Foobar thinks the lack of improvements on the Ethereum mainnet is why Uniswap v4 has yet to launch. The new iteration of Uniswap, a popular decentralized exchange (DEX) powering Ethereum token swapping, is yet to release its latest version. Based on existing documentation, v4 will include new features and functionalities, including Hooks. Supporters claim this tool will make the DEX more flexible, drawing more users once it goes live.  Feature image from Shutterstock, chart from TradingView

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Uniswap V4 Catalyst: UNI Token Primed For Growth As New Chain Launch Loom

Uniswap, one of the worlds largest decentralized exchanges (DEX), is poised for significant growth with the upcoming launch of its V4 upgrade. This anticipated update will introduce custom Automated Market Maker (AMM) functionality directly on top of Uniswap, eliminating the need for separate AMM designs. In addition, Uniswaps governance token, UNI, has seen notable growth, [...]

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