Several outliers continue to break through the bearish attitude seen in the cryptocurrency market recently. UNI is one of these tokens. imposing With a surge of more than 12% in the last 24 hours, investors have flocked to this altcoin to continue its strong performance.
A lot will happen for investors in the first quarter of this year. Just this month, Uniswap reported Deploying on Arbitrum has significantly increased the latter’s swap volume. This news is also coupled with some exciting new information about the latest on Uniswap’s agenda: the launch of Uniswap v4.
Arbitrum swap trading volume has more than quadrupled compared to this time last year 🔷🤯 pic.twitter.com/w4iEhKGUty
— Uniswap Labs 🦄 (@Uniswap) February 16, 2024
What is Uniswap V4?
After news that Uniswap’s L1, Ethereum, will be released have Dencun upgrade, Uniswap upgrade in the first quarter of this year presentation It said the latest version of the protocol will be released in the third quarter of 2024.
Now that Dencun’s launch on mainnet is scheduled for March 2024, we’re excited to provide an update to the community! 🎉
The release of Uniswap v4 is tentatively set for Q3 2024.
From community-created Hooks (https://t.co/WyaGr1Ti1t) to events and Twitter Spaces…
— Uniswap Foundation (@UniswapFND) February 15, 2024
In essence, Uniswap v4 is a more efficient and cost-effective sibling of v3. According to Uniswap itself: WebsiteIt is a “non-custodial, non-upgradable, permissionless automated market maker protocol.”
From the announcement, v4 is currently in the first phase with developers finalizing the core features and functionality of the upgrade. With the update, the team New features are added on top of the current AMM design of the protocol. This way you don’t have to create a completely new design from scratch.
UNI currently trading at $7.462 on the daily chart: TradingView.com
Leading Innovation
Uniswap is also stepping up its efforts to provide funding to innovators in the Web 3 space. Uniswap Foundation X account last week released Take a closer look at the organization’s new grant strategy.
🦄 Introducing a reorganized subsidy strategy
Our vision is simple: @Uniswap Protocolizing the Internet’s liquidity layer.
As stewards of the Protocol and the community, we have developed a grant strategy to turn this vision into reality.
Here’s why and how 🧵👇
— Uniswap Foundation (@UniswapFND) February 7, 2024
Simply put, the new strategy focuses on providing a minimum of $250,000 in funding to four target-specific categories: Developers, Researchers, Representatives, and Innovation (all stakeholders).
At this time, no implementation date has been announced for these new grants.
UNI: A challenging week ahead for investors
The start of March certainly created hype in the broader market, but since then the hype has died down and been replaced by a profit-taking attitude. UNI will inevitably experience some of this weakness in the coming weeks as the market potentially declines.
If this happens, investors and traders will find strong support at the 50% and 38.20% price levels. This support will slow the bearish rise and stabilize UNI’s price in the $7.3-$7 range.
Featured image from Adobe Stock, chart from TradingView
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