Decentralized Exchange Uniswap Plans Upgrade After Ethereum’s Dencun Update
A decentralized cryptocurrency exchange, Uniswap, has announced its plans to upgrade to a new version following the release of Ethereum’s Dencun update in March. According to the Uniswap Foundation, the team behind the digital asset exchange, the fourth version of the protocol is scheduled to launch sometime in Q3 2024.
The Upgrade Phases
The upgrade process will occur in three phases. In Phase 1, the core code will be completed and finalized, along with testing, gas optimizations, security enhancements, and periphery finalization. Phase 2 involves auditing and comprehensive testing by multiple audit firms and a community audit contest. Additionally, Version 4 will be deployed to the testnet during this phase. Finally, in Phase 3, Version 4 will be pushed to Mainnet ETH in Q3.
About Dencun Update
Dencun refers to two simultaneous upgrades for Ethereum’s execution layer and consensus layer. The goal is to improve Ethereum scalability by introducing “data blobs,” a new transaction type intended for Layer 2 (L2) rollups. The Execution Layer and Consensus Layer previously operated independently but now run parallel to each other after the Bellatrix upgrade or “The Merge.” Although Cancun and Deneb upgrades are distinct, they are implemented simultaneously.
At the time of writing, UNI is trading at $7.40 with a 1.34% gain in the last 24 hours.
Featured Image: Shutterstock/Klerka/Voar CC
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