Come to my page!

Category: NFT News

A Testament To DeFi Growth

By Published On: April 11, 20242.7 min readViews: 2940 Comments on A Testament To DeFi Growth

Uniswap Reaches $2 Trillion in Total Trading Volume: A Testament to DeFi Growth

  • In the last 24 hours, the decentralized exchange Uniswap, operating across nine blockchains, facilitated $2.4 billion in trading volume.
  • The Uniswap v4 launch is the most-awaited event that promises customizable smart contract capabilities, reduced gas costs, and enhanced transaction efficiency, all while preserving the platform’s commitment to decentralization.

The world’s largest decentralized exchange Uniswap has recently hit a new milestone with its total cumulative trading volume skyrocketing past $2 trillion earlier today. Interestingly, Uniswap Foundation’s executive director Devin Walsh stated that this is just the beginning as Uniswap’s finest days are yet to come.

As per Walsh, this optimism is due to the ongoing efforts of the Uniswap Foundation focused on building a community of researchers and developers dedicated to creating further integrations for Uniswap.

Furthermore, the broader Uniswap community of delegates actively contributes to the platform’s expansion. Most recently, they launched a cross-chain deployment program. Uniswap made history in September 2020 by hosting one of DeFi’s inaugural airdrops, distributing 150 million UNI tokens primarily for governance purposes to traders and liquidity providers.

The tradition of rewarding early adopters and nurturing a decentralized community persists today, as protocols continue to utilize airdrops as a fundamental strategy for growth. At the time of the airdrop, Uniswap had accumulated over $15 billion in total volume and was operational solely on the Ethereum mainnet.

Presently, Uniswap operates on nine distinct blockchains. Within the past 24 hours alone, it facilitated $2.4 billion in trading volume, constituting 32% of the total decentralized exchange volume, as reported by DefiLlama.

Walsh emphasized that the platform’s immutable code and streamlined governance structure guarantee consistency in the “rules” for developers, traders, and liquidity providers.

All Eyes on Uniswap V4 Launch

Based on the decentralized ethos, the exchange is gearing up for the launch of Uniswap V4, slated for the third quarter, as reported by Crypto News Flash.

This forthcoming iteration will unveil customizable “hooks” to enhance smart contract capabilities, a Singleton contract framework to minimize gas expenses, and a “flash accounting” system for smoother transactions.

With additional attributes like limitless fee tiers for trade expenditure and native ETH support, V4 aims to enhance efficiency, lower expenses, and accommodate various trading tactics, all while empowering the community’s influence in shaping the future of decentralized exchanges. Furthermore, Uniswap recently introduced a decentralized platform Zentu, as a merger between AI and social networking, per the Crypto News Flash report.

The trading fees on Uniswap vary from 0.01% to 1% based on the liquidity pool, with all fee proceeds allocated to liquidity providers. Discussions within Uniswap’s governance forum have also explored the implementation of a “fee switch,” which would redirect a fraction of these fees elsewhere.

Recently, the Uniswap Foundation, established in 2022 to nurture Uniswap’s development, introduced a new initiative. It allows users to stake their UNI tokens, delegate governance rights, and earn a share of the protocol’s revenue. This proposal is up for a vote by UNI token holders this month. As of press time, the UNI token is trading 3.68% up at $11.73 with a market cap of $7.022 billion.

Check More Latest Cryptocurrency News Click Here– Latest Cryptocurrency News

Check More Business News Click Here– Latest Business News


Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

banner image

Written by : Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.


Discover more from BIPNs

Subscribe to get the latest posts to your email.