Uniswap (UNI), a pioneering decentralized exchange protocol, is on a bullish rampage today after it unveiled its plans to roll out the latest version of its unique trading engine. Dubbed Uniswap V4, this latest upgrade, according to the Uniswap Foundation, will be introduced after the upcoming Ethereum mainnet Dencun Upgrade.
Uniswap V4: New game-changer
Uniswap launched in 2018 but did not come into the full limelight until it launched its native token, UNI, in September 2020. Pioneering the Automated Market Maker (AMM) scene, Uniswap has made considerable efforts to enhance its engine’s speed, versatility and other performance features over the years.
Per the announcement, the Uniswap V4 protocol will be rolled out in three distinct phases, including the Code Freeze Phase, Auditing and Testnet, and the Launch Push. The Uniswap developers will be completing all coding work in the code freeze phase in addition to conducting "testing, gas optimizations, security enhancements, and finalizing the periphery."
At the auding phase, Uniswap Foundation confirmed a comprehensive audit will be conducted alongside a community contest. The codes will be deployed on the testnet and accompanied by final adjustments. As detailed, Uniswap V4 might turn out to be the most audited protocol in the Web3 ecosystem in recent times, complementing V3, known for its efficient performance.
The launch push is slated for the third quarter, when the Uniswap V4 platform will be open to the public. Known for its constant updates, this V4 update will serve as a complementary enhancement of the entire Uniswap brand.
UNI price reacts
In line with the update from the Uniswap team, the price of UNI has soared immensely, bringing it to its best trading range since the start of the year. At the time of writing, Uniswap is trading for $7.57, up by 10.2% in the past 24 hours.
The rally has also further pushed the token to a weekly high of 17.62% as it looks to hit its best price of $8 in more than a month.