Uniswap Allocates $300,000 for Development of User-friendly V4 Front-end
Summary:
Decentralized exchange Uniswap is dedicating $300,000 towards the development of its V4 front-end. The move aims to capture the market of minorly capitalized tokens and long tail assets currently on V2, despite V2's continued popularity. Uniswap is focusing on enhancing the user-friendliness of V4 to boost capital. The grant period lasts two years, with possible extension based on KPIs. The project is set to commence on Feb. 16. Currently, Uniswap is a leading decentralized exchange, with a total value locked of $4.43 billion and annual protocol revenue of $940 million.
Uniswap, a decentralized exchange, is setting aside $300,000 to fund a team of engineers tasked with developing its V4 front-end system for those initiating new pool launches and supplying liquidity. The announcement, made on Jan. 16, stated that the implementation of Uniswap V4 mainly aims at capturing the segment of long tail assets and minorly capitalized tokens currently managed via Uniswap V2. Despite the advent of Uniswap V3 over two years ago, V2 remains highly frequented by users, with a total-value-locked (TVL) exceeding $1.8 billion. Developers noted, based on recent data from Dune Analytics, that upwards of 90% of new Uniswap trading pools are still established on V2. As such, Uniswap personnel are keen on enhancing the user-friendly aspect of the soon-to-be launched V4 exchange to woo capital. The grant's time frame spans two years with a prospect for extension contingent on meeting key performance indices (KPIs). Developer prerequisites under these KPIs include the condition that the grant awardee must generate "5% in 12 months of Uniswap's total TVL through tokens initially minted through the new front end", which currently equates $150M or 5% of Uniswap's overall TVL. Should a situation arise making a fiscal request necessary, an upward deviation of up to 25% of the pre-determined budget will be considered. Project commencement is scheduled for Feb. 16. At present, Uniswap is among the largest decentralized exchanges, boasting a total value locked amount of $4.43 billion and generating a protocol revenue of $940 million per annum. Following its launch in May 2021, Uniswap V3 surpassed Bitcoin in daily fee generation, raking in over $4.5 million in daily revenue. Uniswap announced its preliminary code for the V4 decentralized exchange (DEX) on June 13, 2023, revealing new features including on-chain limit orders, automatic depositing to lending platforms, and automated compounding of liquidity provider fees.
Published At
1/16/2024 9:17:43 PM
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