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Today is the date for Uniswap's third version update ... Here's what to expect!

 

Uniswap

With new products and features increasing weekly in the emerging field of decentralized finance (DeFi), the world's largest decentralized trading platform cannot survive and settle for its old glories without updating.


Today, Uniswap, which was upgraded to version 2 last May, aims to release version 3 of its protocol today May 5, 2021, which promises to give users more control over the liquidity they provide and more additional options.


DeFi is a multi-billion dollar industry that replaces traditional financial institutions, such as banks and brokerage firms, through algorithms (such as smart contracts) built on top of a blockchain network.


With DeFi, one can take out loans, earn interest on property, swap cryptocurrencies, and bet on the future values ​​of these currencies.


Ethereum has a total market value of $ 391 billion.


More than $ 77 billion is being invested in Ethereum-based DeFi decentralized financing protocols, showing just how important the sector is.


Uniswap is the most popular decentralized trading platform in the decentralized finance arena.


The Uniswap platform is based on Ethereum and allows people to trade tokens that run over the Ethereum network.


The Uniswap platform itself is an Automated Market Maker (AMM), which means that it relies on algorithms for pricing digital currencies rather than buy and sell orders.


Those on the platform provide liquidity by locking down the digital currencies they own, others can borrow digital currencies by paying interest to liquidity providers.


The platform supports cryptocurrencies built according to the ERC20 standard, including stable dollar-pegged digital currencies such as Tether and USDC, in addition to governance currencies such as Maker and Aave, which facilitate voting on other protocols.

What can be expected from the third edition of the Uniswap platform?

The goal of Uniswap v3 is to make the platform the most flexible and efficient AMM marketplace system ever.

 Uniswap highlights three new features.


The first feature is concentrated liquidity.


Uniswap wrote in a press release in March:


Historically, automated market makers have required all [liquidity providers] to share identical strategies and deposit capital across the entire price curve from zero to infinity.


In doing so, they fail to account for individual expectations of future price activity.


The result of concentrated liquidity is that traders do not have to put a lot of capital on the line to achieve the desired results.


In addition, Uniswap adds more fee levels so that traders can determine the level of risk when trading volatile assets, which is subject to price change between the time the trade is initiated and the time it is executed.


Finally, Uniswap relies on the third version of an easier and cheaper Oracle, which includes that the price is up-to-date and thus reduces the risk of slippage due to bad data.


Meaning, the updates and additional features won't make much sense for beginners, but according to Uniswap, they can lead to higher returns for seasoned decentralized traders.


There is a lot of competition and from different sides surrounding the decentralized trading platform Uniswap, and therefore it is likely that the platform will start working on version 4 immediately after version 3 to catch up and stay in the arena and within the competition.

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