Uniswap Expands Reach: Deploys v2 Protocol On Six New Chains Including Arbitrum And Polygon
21 Fevereiro 2024 - 4:00PM
NEWSBTC
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 protocol’s 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
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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:
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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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