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- Uniswap is scheduled to launch the v4 upgrade in Q3 2024, with the project set to undergo extensive testing and audits.
- The network has recorded unprecedented growth over the past couple of months, seeing activity increase and record fees generated.
The Uniswap network is preparing for a cutting-edge upgrade before the end of the year. As confirmed by the development team, the highly anticipated Uniswap Version 4 upgrade is scheduled for Q3 2024. According to details from the team, the project is undergoing extensive testing and audits to ensure its success.
One of the key upgrades that the network promises is to reduce costs and increase efficiency. Furthermore, unlike v3, v4 would hold all pools within a single contract. Uniswap’s founder, Hayden Adams, has claimed that early estimates show that v4 reduces pool creation gas costs by 99%.
Uniswap, which already boasts of being the largest DEX by TVL and volume, says the upgrade will make the platform more robust, lower costs, and increase operational options for users.
The team revealed that v4 would be the most rigorously audited code ever deployed on Ethereum, sharing a comprehensive plan that outlines the process.
The team has shared three key phases the network will undergo. Phase one: Code Freeze, is already in progress and entails core code completion, testing, gas optimizations, security enhancements, and finalizing the periphery. Phase two: Auditing and Testnet, will see multiple audit firms and a community audit contest. Additionally, v4 will be deployed to testnet, and final adjustments will be made to the code. Phase three: Launch Push, in this last phase, v4 will be deployed to mainnet Ethereum in Q3.
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
This update has been welcomed by the community, which has been demonstrating its interest in the network in recent months. Recent data shows that Uniswap has experienced a remarkable surge in activity. Over the past few months, the number of daily active users on the network has grown by 26.2%. Simultaneously, the fees generated by the protocol increased by 83%.
Uniswap’s native token, UNI, has in the past few weeks performed exceptionally well. At the time of writing, UNI is trading at $7.58 after an 11% increase in the last 7 days.
Although the project and its native token are largely bullish, there’s reason for concern ahead. In particular, the increase in MEV bots MEV stands for Miner Extractable Value. MEV bots are automated tools that identify and capitalize on profitable opportunities arising from the ordering and execution of transactions on a blockchain, potentially increasing miner rewards.
As CNF reported, in celebration of the V4 launch, Uniswap is conducting a $10 million airdrop in UNI tokens, demonstrating its commitment to community growth and engagement. However, the platform has warned investors to be wary of the rampant scam revolving around the airdrop.
