Uniswap (UNI), one of many largest decentralized cryptocurrency exchanges (DEX) by buying and selling quantity, has made an vital announcement relating to deploying its v2 protocol on six extra chains.
The chains on which the v2 protocol has been deployed embrace Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Sensible Chain (BSC), and Avalanche (AVAX).
Uniswap Widens v2 Protocol Deployment
In response to a latest publish on X (previously Twitter) by Uniswap Labs, the software program product developer engaged on the protocol, the choice to deploy the v2 protocol on extra chains is primarily pushed by the need to simplify the expertise for Liquidity Suppliers (LPs).
Whereas the protocol’s v3 gives superior options tailor-made for energetic liquidity suppliers, the event workforce believes the v2 protocol gives a extra “simple strategy.”
By default, v2 swimming pools cowl your complete value vary, lowering the necessity for upfront choices and minimizing the energetic involvement of liquidity suppliers. This simplification streamlines the method and makes it extra accessible to a broader vary of customers, in accordance with the announcement.
One other advantage of utilizing the v2 protocol on a number of chains, in accordance with Uniswap Labs, is its value effectivity. Creating swimming pools on v2 is extra gasoline environment friendly than different variations, leading to decrease gasoline prices so as to add liquidity.
This value discount will be translated into financial savings for customers, making swaps on the platform “extremely reasonably priced.” As well as, using v2 on Layer 2 scaling options considerably reduces the chance of frontrunning and manipulative practices referred to as Miner Extractable Worth (MEV).
Finally, by providing an official v2 deployment immediately accessible by the Uniswap interface, the builders recommend that customers will be assured of a protected and safe surroundings for his or her swaps.
UNI Value Dip, Platform Metrics Stay Stable
Regardless of the latest developments that would appeal to buyers’ consideration and drive broader adoption of the Uniswap protocol, the alternate’s native token, UNI, is at the moment present process a major correction in step with the general market pattern.
Presently, UNI is buying and selling at $7.22, representing a 4.4% value drop prior to now 24 hours and a 1.1% decline within the final buying and selling hour. Nevertheless, it’s price noting that UNI has been one of many better-performing tokens out there, with value will increase of 14.7% and 16.8% prior to now fourteen and thirty days, respectively.
Moreover, in accordance with information from Token Terminal, the Uniswap ecosystem continues to exhibit substantial development in key metrics.
The totally diluted market capitalization of Uniswap stands at $7.56 billion, reflecting the whole worth of all tokens in the event that they had been totally in circulation. This determine has skilled a notable enhance of 18.4% over the previous month.
In distinction, the circulating market capitalization, which considers the at the moment circulating tokens, is valued at $6.94 billion, indicating a 19.9% enhance over the identical interval.
Regardless of the general surge in market capitalization, the buying and selling quantity of the UNI token has skilled a major decline of 69.3% over the previous 30 days, amounting to $2.79 billion.
The entire worth locked (TVL), a measure of the worth of belongings locked inside Uniswap’s good contracts, has additionally skilled a 14.4% enhance, reaching $4.76 billion.
Featured picture from Shutterstock, chart from TradingView.com
