The native token of Uniswap, $UNI, has witnessed a substantial surge, marking an impressive 16% gain within the last 24 hours. Furthermore, this surge has propelled $UNI to attain its highest value in three months.
Further Unveiling Of UniSwap v4 Helped Push The Price Up
Additionally, the upswing in $UNI’s price coincided with a key announcement from the Uniswap team. Particularly, shedding light on their vision for the Uniswap V4 protocol. The team emphasized the advanced architecture of Uniswap V4, focusing on cost reduction and enhanced efficiency. The introduction of a new “singleton” contract, consolidating all pools within a single smart contract.
5/ Read more about Singleton, Flash Accounting, EIP-1153, and all things v4 here👇🏽https://t.co/YBcNWFErnV
— Uniswap Labs 🦄 (@Uniswap) November 21, 2023
It also provides a robust platform for swift and secure pool customization, along with efficient routing across diverse pools. Notably, the team’s dedication to innovation is evident in features such as hooks and the singleton architecture. Also, it involves establishing a powerful ecosystem for sophisticated automated market maker (AMM) functionality.
UniSwap v4 Targets Notable Market Achievement
Moving Forward, Uniswap V4 aims to empower pool deployers with the flexibility to introduce customized code. That’s by executing specific actions at critical points in a pool’s lifecycle. Early estimates suggest an impressive 99% reduction in gas costs for pool creation. Of course, this announcement evidently resonated with the crypto market, contributing to the surge in $UNI’s value.
$46.5 Million Exploitation Somehow Adds To The Equation To Bring Liquidity To UniSwap
KyberSwap was exploited for ~$46.5M assets!
Including:
10,049 $WETH($20.78M)
4,017 $wstETH($9.53M)
3.98M $ARB($4.1M)
…This exploiter deposited $USDC to #Aave and provided liquidity on #Uniswap.
And willing to negotiate with the #KyberSwap team.https://t.co/BjnRYVWz8z pic.twitter.com/hWVQINWHK6
— Lookonchain (@lookonchain) November 23, 2023
Another potential factor influencing the surge is a report from Lookonchain outlining the activity of a Kyberswap exploiter. Following the successful exploitation of $46.5 million in assets, including $20.78 million in $WETH and $9.53 million in $wstETH, the exploiter deposited $USDC to #Aave and provided liquidity on #Uniswap. Negotiations with the Kyberswap team may be shaping market dynamics.
As $UNI continues its impressive rally, the combination of Uniswap V4’s vision and intriguing market activities creates an engaging narrative for the Uniswap community and the broader cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!
