• Uniswap Foundation plans to release Uniswap v4 in Q3 2024, aiming to improve DeFi protocol efficiency with Ethereum upgrade features integrated.
• UNI token surged 8% due to Uniswap v4 upgrade news, reaching $7.57 with a $4.52 billion market cap.

The Uniswap Foundation has revealed plans for the release of Uniswap v4, slated for launch in the third quarter of 2024. This eagerly awaited upgrade aims to bolster the functionality and efficiency of the decentralized finance (DeFi) protocol by integrating features from the upcoming Ethereum Dencun upgrade.

Uniswap v4 will integrate specific Ethereum Improvement Proposals (EIPs), including EIP-4788, EIP-1153, and EIP-4844, with the goal of refining the protocol’s operations and enhancing user experience on the Ethereum blockchain. One notable addition is the introduction of “hooks,” which enable the integration of custom logic at crucial points within the protocol, such as pools, swaps, fees, and liquidity provider positions. This feature is designed to facilitate dynamic adjustments and extend the range of applications for smart contracts, potentially leading to reduced fees and enhanced asset management for users.

Alignment with Ethereum Dencun Upgrade

The upgrade aligns closely with the Ethereum Dencun upgrade, particularly through adopting EIP-1153, which introduces transient storage. This addition enables developers to optimize smart contracts to lower gas fees for users engaged in swapping activities or utilizing instant swap features.

The Dencun upgrade was initially activated on the Goerli testnet on January 17, experiencing a minor delay in deployment. Subsequent deployments on the Sepolia and Holesky testnets proceeded smoothly, culminating in the completion of the third phase of testing on February 7. Ethereum developers have now set a definitive date for the upgrade’s deployment to the mainnet.

Following meticulous testing and preparation, the Ethereum developers have finalized March 13, 2024, as the date for the Dencun upgrade’s deployment to the mainnet. This decision was made after thoroughly evaluating the upgrade’s performance on testnets, ensuring its readiness for implementation on the broader Ethereum network.

UNI Token Performance

Meanwhile, the native token of Uniswap, UNI, has experienced a surge of 8% to reach $7.57 at the time of reporting. Furthermore, it remains substantially down, recording an 83% decrease from its all-time high of nearly $45 in May 2021.

Accompanying UNI’s price surge is a notable uptick in trading volume, which has risen by 62% over the past week. Despite this surge in trading activity, the overall circulating supply of UNI has seen a slight decline of 0.37% during the same period. Market dynamics play a crucial role in UNI’s price movements, with the current circulating supply at 753.77 million tokens, representing approximately 75.38% of its maximum supply. 

Founder’s Warning Against Scams

In a cautionary message to the cryptocurrency community, Hayden Adams, the creator of Uniswap, has raised awareness about a scam targeting users through Ethereum Name Service (ENS) domains. Scammers have been impersonating Adams’ Ethereum wallet address by registering it as an ENS wallet with a .eth extension. This deceptive tactic has prompted Adams to warn users against falling victim to fraudulent schemes and to exercise vigilance when engaging with cryptocurrency transactions.