Decentralized exchange Uniswap has teased that its latest iteration, known as Uniswap v4, will be “coming soon” after missing its earlier target of Q3 2024.
The teaser, which was posted on X on Jan. 2 by Uniswap Labs, consisted of an image made with unicode showing the year 2025 with the caption “v4 is coming soon.” It didn’t provide any other indication of when it will be launched this year.
In a post on Dec. 31, Uniswap Labs said there’s so much more in store for 2025 before adding: “Between v4, Unichain, and a few other surprises... it’s going to be a very pink year.”
In June 2023, protocol founder Hayden Adams posted his vision for Uniswap v4 while releasing the draft code, stating that it can be built in public with open feedback and meaningful community contribution. “We expect this will be a months-long process,” he said at the time.
In February, the team announced that v4 would be tentatively launched in the third quarter of the year following the Ethereum Dencun upgrade. However, the fourth iteration of the popular decentralized exchange has remained in the testing phase throughout 2024.
In November, the team announced a $15.5 million bug bounty for its v4 core smart contracts ahead of the launch. The program, which is still underway, offered payouts starting at $2,000 for the discovery of unique vulnerabilities resulting in code changes.
The last major update for the protocol was v3, which launched in May 2021, offering upgrades such as concentrated liquidity, which enables liquidity providers to allocate liquidity within a custom price range.
Uniswap v4 will represent a significant architectural change from previous versions, with some key features, including Hooks, which allows developers to execute custom code before and after swaps. This enables features like limit orders, custom oracles, fee management, and automated liquidity management.
It will also include dynamic fees, gas savings, flash accounting, native ETH support, and multiple pool types.
Uniswap teases v4 launch in 2025. Source: Uniswap
DEX trading volumes set a record high in December, soaring to $462 billion, and Uniswap remains the largest DEX by trading volume, recording $106 billion for the period, according to DefiLlama.
Meanwhile, Uniswap’s native token (UNI) has climbed 6% on the day to reach $14 at the time of writing. However, the DeFi asset remains 69% down from its May 2021 all-time high of $44.92, according to CoinGecko.
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