Uniswap Deploys V3 Contracts to Major Ethereum Testnets

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  • The world’s leading decentralized exchange Uniswap has successfully deployed V3 smart contracts to four major Ethereum testnet.
  • This shows that the long-awaited Uniswap v3 iteration will most probably launch on May 5th.
  • Uniswap V3 is the newest iteration of the Uniswap protocol which promises better capital efficiency.

In an announcement from Uniswap Labs, the leading DEX informed that Uniswap V3 core and periphery contracts have been successfully deployed to all major Ethereum testnets — Ropsten, Rinkeby, Kovan, and Goerli.

Addresses of testnets Ropsten, Rinkeby, Kovan, and Goerli were posted to Github. However, according to a note in Github, these addresses are not final and will be changed as they make final updates to the periphery repository.

According to a previous announcement, Uniswap v3 is intended to launch on May 5th on Ethereum mainnet and on May 12th on Optimism, as long as things progress as expected. The Uniswap team had also started a bug bounty program on March 23 and put up to $500,000 in the prize for major bugs.

Uniswap V3 iteration is a promising upgrade because it paves the way for capital efficiency. Uniswap v3 introduces what is being labelled as “concentrated liquidity”, this gives individual LPs total control over the price ranges their capital is allocated to. On top of that “multiple fee tiers” that allow LPs to be properly compensated “for taking on varying degrees of risk”, will also be applicable.

Uniswap founder Hayden Adams had previously called V3 upgrade a “critical infrastructure” for DeFi moving forward:

Uniswap v3 now paves the way for automated market makers to outcompete both stablecoin-focused and traditional exchanges on trade execution quality.

Uniswap Hits Record $10 Billion Weekly Trading Volume

On April 20, in a tweet, Uniswap’s founder announced that the platform has surpassed a weekly trading volume of $10 billion for the first time. The surge in Uniswap’s trading volume occurs at a time when Ethereum network fees are more than $60 on average, which proves the project was successful in attracting hordes of traders.

According to data by CoinGecko, Uniswap’s 24-hour trade volume is more than $1.6 billion. On average, the company had a 25.7% weekly increase in trading volumes. If the project maintains this growth pace, it will be able to process over $0.5 trillion worth of transactions in a year.

Uniswap is mainly popular for that it facilitates access to new and emerging DeFi projects which cannot be found on popular exchanges like Binance, Coinbase, and Kraken.

At the time of writing, Uniswap’s native token UNI was trading at $31.30 with an 8% increase over the past 24 hours according to data by Coinmarketcap. But as the V3 launch is approaching, it is safe to expect a rise in the coin price.