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The world’s leading decentralized cryptocurrency exchange (DEX) Uniswap‘s native asset UNI has seen an approximate 10% increase in the last 24 hours, joining the broader market rally. At the time of writing this article, UNI is trading at $7.63 with a market value of $4.54 billion. The recent price increase in the altcoin, accompanied by strong trading volume, has pushed UNI’s weekly gain over 15%. In the last 7 days, UNI’s trading volume has shown a significant increase of 62%.
UNI’s Price Rises with “Uniswap v4 Upgrade”
The increase in UNI’s price is a result of the Uniswap Foundation’s recent announcement of the Uniswap v4 upgrade. Set to be implemented in the 3rd quarter of this year, Uniswap v4 introduces the concept of “hooks,” which offer a solution to the flexibility associated with traditional smart contracts.
Hooks facilitate dynamic adjustments by allowing developers to add specific logic at certain points, enabling various use cases.
The implementation of hooks potentially lowers transaction fees while promising access to innovative features such as advanced asset management strategies and instant swaps for users. Additionally, Ethereum‘s planned Dencun update in March 2024 will enable various Ethereum Improvement Proposals (EIPs) crucial for Uniswap v4, including EIP 4788, EIP-1153, and EIP-4844.
Uniswap Creator Issues Fraud Warning
Amidst these positive developments, Uniswap’s creator Hayden Adams recently issued a warning message about a scam involving wallet addresses that mimic Ethereum Name Service (ENS) domain names. Adams alerted users to fraudsters copying and registering wallet addresses as .eth extension ENS wallets to commit fraud.
The creator of Uniswap advised users to stay vigilant and carefully verify wallet addresses to avoid falling victim to such scams.
