Uniswap Announces Major Upgrade, What’s Next for UNI?

Decentralized crypto exchange Uniswap has announced a new upgrade for UniswapX with users anticipating increased participation. The upgrade will deploy a new auction contract that redesigns the information quote flow on the platform. At press time, UNI is in the red zone as negative sentiment creeps in following market factors. 

Uniswap Labs Rolls Out Upgrade 

Uniswap Labs disclosed upgrades to UniswapX deploying a new auction that essentially redesigns the flow of order quote information. The exchange wrote on X (formerly Twitter) that the new update will increase quoting speeds, enhance trade execution, and ensure more MEV is returned to swappers. 

The upgrade is available on the web app and will soon be available for mobile pointing to the price of UniswapX and other versions.

“As! a reminder: If UniswapX fillers give you a better price, your swap will be executed through UniswapX. If Uniswap v2 or v3 has the better price, your swap will be executed through the AMM.”

The community has lauded the update at a time when negative sentiment is beginning to creep in as users hope for a turnaround of fortunes. Recent whale activity around the exchange token points to potential upticks although it is not reflected in its current price following a correction. This year, decentralized finance (DeFi) activity has picked up in the market following institutional participation on the back of spot Bitcoin ETF approvals. As a result, assets under management (AUM) as well as trading volumes skyrocketed in Q1 2024 before steadying in subsequent quarters.

Also Read: Leading Asset Manager CSOP Says Bitcoin to Hit $100k Soon 

UNI Holders Eye Rebound 

Uniswap trades at $7.67 falling 2.46% in the past day following sell-offs. This extends weekly exits to 5.35% and monthly outflows to 15.5%. This week, the exploiter of WazirX became the top UNI seller further declining sentiments.

However, users remain bullish about a positive turnaround due to previous numbers, upgrades, and institutional activity in the market. Trading of Ethereum ETFs in the United States is expected to rally in new investments as a window opens for traditional players.

Also Read: PolyMarket Taps MoonPay For Crypto Payments Amid Election Rush

The post Uniswap Announces Major Upgrade, What’s Next for UNI? appeared first on CoinGape.