Uniswap V3 has been unveiled — with the decentralized exchange vowing to implement a range of improvements in response to surging fees on the Ethereum blockchain.
In a blog post, the platform said that a Layer 1 Ethereum mainnet launch is scheduled for May 5, with a Layer 2 deployment on Optimism due to follow soon afterward. This second feature could prove especially ground-breaking — with Uniswap suggesting that it will lead to “significantly cheaper” transactions.
Other features are set to include concentrated liquidity — “giving individual liquidity providers granular control over what price ranges their capital is allocated to.”
Multiple fee tiers are also set to ensure that liquidity providers can “be appropriately compensated for taking on varying degrees of risk.”
Details of what Uniswap V3 will look like have been emerging in dribs and drabs over recent weeks, and this has proven exceedingly bullish for the UNI token.
At the time of writing, UNI had just broken new all-time highs to reach $36.41 as traders digested the news.
The introduction of rollups could help Ethereum gain some of its momentum back, after a series of DeFi projects flocked to Binance Smart Chain.
Ethereum co-founder Vitalik Buterin has also vowed that the network is planning to use Optimism rollups — and said it will enable the blockchain to scale by a factor of 100 within weeks.
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