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Uniswap (United), one of the largest decentralized cryptocurrency exchanges (DEX) by trading volume, has made an important announcement regarding the rollout of its v2 protocol to six additional chains.
Chains where the v2 protocol has been deployed include Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Smart Chain (BSC), and Avalanche (AVAX).
Uniswap expands v2 protocol deployment
According to a recent job on
While version 3 of the protocol offers advanced features suitable for active liquidity providers, the development team believes that protocol v2 offers a “simpler approach”.
By default, swimming pools v2 cover the entire price range, thereby reducing the need for prior decisions and minimizing the active involvement of liquidity providers. This simplification streamlines the process and makes it more accessible to a wider range of users, according to the announcement.
According to Uniswap Labs, another advantage of using the v2 protocol on multiple chains is its cost-effectiveness. Creating pools on v2 is more gas efficient than other versions, resulting in lower gas costs for adding liquidity.
This cost reduction can translate into savings for users, making trading on the platform “incredibly affordable”. Additionally, using v2 on Layer 2 Scaling solutions significantly reduces the risk of foregrounding and manipulation 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 Drop, Platform Indicators Remain Strong
Despite recent developments that could attract investor attention and drive wider adoption of the Uniswap protocol, the exchange's native token, UNI, is currently undergoing a significant change. correction in line with the general market trend.
Currently, UNI is trading at $7.22, representing a 4.4% price drop in the last 24 hours and a 1.1% drop in the last hour of trading. However, it is worth noting that UNI has been one of the best performing tokens on the market, with price increases of 14.7% and 16.8% over the last fourteen and thirty days, respectively.
Furthermore, according to data Since Token Terminal, the Uniswap ecosystem continues to show substantial growth in key metrics.
Uniswap's fully diluted market capitalization stands at $7.56 billion, reflecting the total value of all tokens if they were fully in circulation. This figure saw a notable increase of 18.4% over the past month.
In contrast, the circulating market capitalization, which takes into account the tokens currently in circulation, is valued at $6.94 billion, indicating an increase of 19.9% over the same period.
Despite the overall increase in market capitalization, the trading volume The UNI token saw a significant decline of 69.3% over the last 30 days, amounting to $2.79 billion.
Total value locked (TVL), a measure of the value of assets locked in Uniswap smart contracts, also saw a 14.4% increase, reaching $4.76 billion.
Featured image from Shutterstock, chart from TradingView.com
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