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The Uniswap Foundation, the developer of the Uniswap decentralized finance (DeFi) protocol, has announced plans to launch the Uniswap v4 upgrade in the third quarter of 2024. The upgrade aims to improve the functionality, gas efficiency, and capital of the Uniswap protocol, which is one of the largest decentralized token trading platforms in the world.
After the announcement, Uniswap's native cryptocurrency, UNI, experienced a significant price increase. According to data from CoinMarketCap, UNI's price rose 10% within 24 hours, from $7.5 to $8.3 on Friday (16/2). In the past week, the price of UNI rose by 15%, from $7.2 to $8.3. Currently, UNI ranks 11th in the list of the largest cryptocurrencies by market capitalization, with a total value of $4.9 billion.
New Features and Synchronization with Ethereum
The Uniswap v4 upgrade is expected to improve the functionality and efficiency of the Uniswap protocol by incorporating features that go hand in hand with Dencun's upcoming Ethereum upgrade. Ethereum Dencun is a long-term development plan for the Ethereum blockchain network, which aims to improve the scalability, security, and sustainability of the network.
One of the new features to be introduced in Uniswap v4 is "hooks," which allow the integration of custom logic at vital points in the protocol, such as in pools, exchanges, fees, and liquidity provider positions. This feature, designed to enable dynamic customization and extend smart contract applications, is expected to reduce costs and improve asset management for users.
In addition, Uniswap v4 will also integrate Ethereum Improvement Proposals (EIPs) EIP-4788, EIP-1153, and EIP-4844 to improve operations and user experience on Ethereum. EIP-4788 is a proposal to reduce gas fees for smart contract invocations, EIP-1153 is a proposal to introduce temporary storage for smart contract optimization, and EIP-4844 is a proposal to introduce a new hash function to speed up transaction verification.
The Uniswap v4 base code is undergoing a comprehensive audit process, dubbed as the most thoroughly tested code applied to Ethereum, ensuring high security and reliability standards. "This greatly improves the Uniswap protocol and the overall user experience," a Uniswap Foundation representative said in its official announcement.
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Bullish Potential for UNI
UNI's price has been in a horizontal range between $3.80 (IDR 59,370) and $8 (IDR 124,992) since May 2022. UNI price tested its support again on October 19, 2023, when the last uptrend began. When it returned to the resistance level again, it was rejected and decreased to $5.60 (USD 87,494) on January 23.
Retested the $8 resistance again. This is the first higher low, and with price now revisiting its resistance, a breakout is possible. If this happens, it will be the beginning of a new bullish phase and UNI could reach $14 (USD 218,736) by the end of this uptrend.
However, first, we need to see a breakout that confirms this new bullish phase begins. The price may also drop when it reaches $8, sending it to another retest of its support.
Some analysts and crypto experts are optimistic about UNI's future prospects. One of them is Lark Davis, a popular crypto influencer, who said that UNI could become one of the largest cryptocurrencies in the world. "Uniswap is one of the most important DeFi protocols on Ethereum. I think UNI could become one of the top 5 cryptocurrencies in the next few years," Davis said in his YouTube video.
Davis also highlighted Uniswap's potential to offer better and cheaper financial services than traditional systems. "Uniswap is an open market for everyone. You don't need permission, no verification, no hidden fees. You just need a crypto wallet and you can trade whatever you want," Davis said.
Uniswap, founded in 2018 by Hayden Adams, has established itself as a key player in the DeFi space, offering a platform for liquidity providers and decentralized token trading. According to data from DeFi Pulse, Uniswap currently has a total locked value (TVL) of $3.9 billion, making it the second largest DeFi protocol after Maker. Uniswap also has a daily trading volume of $1.2 billion, making it the sixth largest crypto trading platform in the world.
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How to Buy Uniswap (UNI) on Bittime
You can buy and sell Uniswap (UNI) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Uniswap (UNI) is available on Bittime with the UNI/IDR market pair. To be able to buy UNI IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Uniswap (UNI) on Bittime.
Monitor the price chart movements of Uniswap (UNI), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Understanding about Uniswap (UNI), a Revolutionary DeFi Platform
Uniswap v4 Ready to Launch in the Third Quarter of 2024, What Are the Advantages?
Complete Guide: How to Use Uniswap on Metamask and Trust Wallet
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly from time to time and Bittime is not responsible for fluctuations in the exchange rate of crypto assets.
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