Uniswap, leading decentralised exchange (DEX), has successfully upgraded to the third version of the protocol. On its first day of trading, Uniswap v3 traded $150 million which is more volume than v2’s first month.
The founder of Uniswap, Hayden Adams, took to Twitter to report that v3 was also far more efficient than v2 as it required much less ‘Total Value Locked’ (TVL) to facilitate trading. V2 had $1.1 Billion 24 hour trading volume and $8.1 Billion TVL which equates to 13% Volume/TVL efficiency. V3 on the other hand had $150 million in 24-hour volume with only $300 million TVL with an efficiency of 50%.
Some users were critical of the launch as gas fees remain inordinately high making the DEX inaccessible to retail traders.
Dragonfly Captial Managing Partner, Haseeb Qureshi said that “Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. Specifically, it’s about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.”
Source: https://www.cryptocompare.com/email-updates/daily/2021/may/07/
