- Another 46-second animated video-teaser, captioned with 3 unicorn emojis, was issued by Uniswap Labs’ official Twitter handle on March 23rd
- Uniswap is a little too lavish for most small DeFi traders, and so v3’s most awaited improvement is the L2 scaling
- Following the v3 release, crypto-analysts expect an exponential rise in UNI prices
Uniswap, the biggest DEX relishing a 24-hour trade volume beyond $1 billion, is getting ready for its version 3 (v3) launch. The DEX’s team is releasing several teasers to hype the crowd. However, no official date for the launch has been announced yet.
Uniswap teaser made public go bonkers
On Tuesday, a 46-second animated video-teaser, captioned with 3 unicorn emojis, was issued by Uniswap Labs’ official Twitter handle. The tweet seems to have had the intended effect of skyrocketing the public interest. Following the release of the recent teaser, the crypto public has gone bonkers, bombarding the tweet’s comment section and making the topic Google trending. Larry Cermak, a blockchain researcher, believes the crowd-stirring aspect of the teasers even surpassed the hype-building releases by TRON CEO Justin Sun, which he claims doesn’t even hold a candle to Uniswap’s v3 announcements.
Many feel the v3 upgrade of the exchange will prove to be a game-changer as it will greatly reduce fees etc. And on the matter of reduced fees, since at present Uniswap is a little too lavish for most small DeFi traders, v3’s most awaited improvement is the Layer 2 (L2) scaling.
What MUST the v3 include?
Based on the Etherscan gas tracker’s stats, the average cost of a Uniswap trade is $42.72, clearly not much affordable to anyone but the whales of the DeFi system. The high rates drive the not-so-rich DeFi population to look for other cheaper options like PancakeSwap. For the L2 solutions, Uniswap is most likely to be using the optimistic rollups-based Optimism, which relies on blockchain data publishing and allows challenge periods.
The upgraded platform might require increased yield farming incentives for its required jump-start. If Uniswap lets the incentives coincide with the v3 launch, it might witness a repeat of what happened back in September last year, when the launch of the UNI token with four ETH pools led to a dramatic liquidity escalation. Today the exchange holds a Total Value Locked (TVL) of $5.2 billion in the crypto-market.
Promising Improved User Experience
An airdrop might accompany the v3 launch, but Uniswap has already taken that step where many of its tokens were sold prematurely. Additionally, at present, the system interface is not-so-user-friendly, as most functions need to be performed manually for the DeFi newbies. Hence, we expect v3 to bring a much-needed user interface overhaul to improve the user experience. Uniswap upgrade is also expected to introduce a native Uniswap wallet, thus eradicating any third-party wallets’ interactions.
Exponential Rise in the DEX’s UNI tokens price
Uniswap’s native token UNI, on the day, witnessed a rise of 3% in its prices, to its current value of $34.30, rapidly approaching its 20 March all-time high of $35. The prices showed an increment of 16% in the week and about 20% in the past month. Crypto-analysts expect a further exponential rise in UNI prices following the v3 release.