Uniswap v4 version is planned to be launched on the Ethereum mainnet in the third quarter of 2024. This news was announced by Uniswap, the leading decentralized exchange, last night.
In July last year, Erin Koen, head of governance at the Uniswap Foundation, said that the time for v4 to go online would depend on the successful implementation of the Cancun upgrade. Additionally, a comprehensive code audit is required. Therefore, it is expected that the time for v4 to go online may be determined within four months after the Cancun upgrade.
Uniswap v4 is launched on the mainnet in the third quarter
According to the latest announcement from the Ethereum Foundation, the Dencun upgrade has been determined to be launched on the Ethereum mainnet on March 13, 2024. At the same time, the Uniswap Foundation announced in its latest tweet that the launch date of v4 will be determined in the third quarter of this year. The foundation also announced an audit roadmap that is expected to take several months before v4 goes online, and stated that they believe v4 will be the most rigorously audited code deployment on Ethereum.
Phase 1: Code Freeze (In Progress)
Core code completion, testing, gas optimization, security enhancements, and finalization of minor parts.
Previously, Koen had stated that during the "code freeze" stage, changes to the Ethereum proposal EIP-1153 would be incorporated into the v4 code. EIP-1153 introduces a "temporary storage" system that automatically clears the storage area after a transaction is completed to further reduce gas costs.
"Code Freeze" is a stage in the software development process where the protocol's code is fixed and stopped making large-scale changes. At this stage, the development team no longer adds new features or modifies existing features to ensure the stability and reliability of the protocol.
Phase 2: Audit and Test Network
Here will be a comprehensive audit by multiple audit companies and a community audit competition. At the same time, v4 will be deployed to the testnet and final adjustments to the code will be made.
Phase 3: Start the mainnet online
v4 is expected to be launched on the Ethereum mainnet in the third quarter
Three technical highlights of v4
Uniswap Since v1~v3, after a series of important changes, it has gradually established its position as a pioneer in the field of automatic market makers (AMM) and the cornerstone of decentralized finance (DeFi). For example, v3, which will be launched in 2021, introduces the concept of "concentrated liquidity", allowing users to provide liquidity within a specific self-defined price range, allowing liquidity to be allocated more effectively and potentially improving capital efficiency.
The upcoming v4 version aims to provide a more customizable, flexible and efficient AMM. Among the high-profile technical reforms include: Hooks, singleton contracts ( Singleton Contract), Flash Accounting System (Flash Accounting).
Hooks
The main axis of Uniswap v4 is to shift towards a more modular transaction structure, mainly through the introduction of "hooks" (hooks) ), the hook will allow liquidity pool deployers to add custom code to the liquidity pool, allowing users to perform functions such as dynamic fees, on-chain price limits, and custom on-chain oracles
Singleton Contract
In v4, both the singleton contract and the lightning accounting system will help Significantly reduce gas costs.
Originally in v3, each time a liquidity pool was established, a new contract needed to be deployed, which made it more expensive to create a pool and execute multi-pool Swap; while in v4, Uniswap saves all pools in one In the Singleton Contract, there is no need to transfer tokens between different contracts when exchanging tokens. Official research shows that v4 reduces the Gas cost of creating a mining pool by 99%.
Lightning accounting system
v4’s lightning accounting system will help further reduce transactions Gas cost, because the net balance of Token in the pool is only transferred when the Swap is completed, and each operation in the process will only cause the internal balance to be updated, while v3 will transfer all assets involved in the transaction into/out during the Swap process. Get out of the pool.
"Protocol Code Freeze" refers to a stage in the software development process where the protocol's code is fixed and stops making any large-scale changes. At this stage, the development team stops adding new features or modifying existing features to the protocol to ensure the stability and reliability of the protocol
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