Uniswap

DeFi

Million

Security

Notable

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/uniswap-labs-launches-2-35-million-security-contest-for-upcoming-v4-3/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Uniswap Labs Launches $2.35 Million Security Contest for Upcoming v4</a><br></p>
<p class="p1" style="text-align: justify">The main development company behind the popular Ethereum-based <a href="https://en.coin-turk.com/sec-proposes-registration-requirement-for-large-dex-liquidity-positions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">decentralized exchange</a>, Uniswap Labs, is launching a $2.35 million security contest prize pool for the upcoming v4 or fourth iteration release. The Uniswap team stated in <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">an announcement</a>, “At Uniswap Labs, we focus on ensuring v4 is the most audited set of contracts deployed on-chain.”</p>
<h2 class="p1" style="text-align: justify" id="uniswap-team-takes-notable-step">Uniswap Team Takes Notable Step</h2>
<p class="p1" style="text-align: justify">The non-profit Uniswap Foundation and the web3 auditing network Cantina also support the effort. The $2.35 million prize pool is said to be the largest in DeFi history. The prize will fund independent reviews of Uniswap v4’s smart contracts and the new Universal Router system, which allows swaps between ERC-20 tokens and NFTs.</p>
<p class="p1" style="text-align: justify">Audit contests are a common way for teams to discover and fix code vulnerabilities that attackers could exploit, marking an important process in cryptocurrencies, especially since smart contracts cannot be updated once launched.</p>
<p class="p1" style="text-align: justify"><strong>Uniswap</strong> v4 signifies a sort of divergence for the pioneering decentralized exchange that launched the first working automated <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> maker connecting buyers and sellers to swap Ethereum-based tokens. V4 is planned to go live in the third quarter. The team offers forks or smart contract add-ons that enable customization such as dynamic fees in Uniswap’s liquidity pools, on-chain limit orders, and custom-built oracles. The last major Uniswap upgrade, v3, was launched in 2021.</p>
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380335" src="https://coin-turk.com/wp-content/uploads/2024/08/uniswap.png" alt="" width="500" height="533"></p>
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2>
<p class="p1" style="text-align: justify">V4 also aims to reduce transaction costs associated with creating new pools and executing transactions by keeping all liquidity pools in a single contract, freeing users and liquidity providers from fees. While the upgrade is awaited, it has also sparked debates; similar to the v3 protocol, v4 will be released under a four-year Business Source License, limiting what others can do with the code.</p>
<p class="p1" style="text-align: justify">Some see this as a violation of the open-source ethos of cryptocurrency. Uniswap Labs released the draft code for v4 in mid-2023. The audit contest will start on September 4 and continue until the end of the month. The team shared the following statement on the matter:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“Anyone can report vulnerabilities in the v4 codebase. Rewards will be allocated based on the severity of the disclosed bug and the quality of the submitted documentation.”</p>
</blockquote>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/uniswap-labs-launches-2-35-million-security-contest-for-upcoming-v4-3/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Uniswap Labs Launches $2.35 Million Security Contest for Upcoming v4</a></h5>
<p>The post <a href="https://en.coin-turk.com/uniswap-labs-launches-2-35-million-security-contest-for-upcoming-v4-3/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Uniswap Labs Launches $2.35 Million Security Contest for Upcoming v4</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Uniswap Labs Launches $2.35 Million Security Contest for Upcoming v4

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