Hedera, a proof-of-stake distributed ledger, is set to receive a network security upgrade.
SaucerSwap, a prominent DeFi platform on Hedera, made it known in a tweet that Hedera would be upgrading its mainnet to v0.39.0 at 4:00 p.m. UTC. SaucerSwap hints at its move to update its web app to match, integrating contract allowances and approvals.
The HSCS (Hedera Smart Contract Service) combines Hedera's third-generation native entity functionality with a highly optimized Ethereum Virtual Machine (EVM).
As stated earlier in a blog post, the July 11 HSCS update is expected to have a significant positive impact on user, dApp and network security. SaucerSwap core maintainers are responding to these changes by modifying and re-auditing their implementation of the UniswapV2 router.
In addition, SaucerSwap announced that, before the Hedera Smart Contract Service (HSCS) security model update on July 11, 2023, it will roll out a new router contract and make some adjustments to its front-end.
SaucerSwap is currently the second largest protocol by TVL on Hedera, accounting for $17.5 million, according to DefiLlama data.
Per Messari's Q1'23 report, the Hedera network witnessed a surge in activity, with transaction volumes soaring nearly 40 times. Messari linked this growth to existing DEXes such as SaucerSwap continuing to enhance their functionality and features.
Also, the year has seen an increase in the Hedera Governing Council, a coalition of 29 independent and unaffiliated organizations that collectively operate and govern the Hedera Network.
In Q1, technology giant Dell Technologies joined the Hedera Governing Council. At the time of writing, HBAR, the native token of the Hedera Network, was up 3.11% in the last 24 hours to $0.048.