Uniswap Labs Launches Two New Smart Contracts

Uniswap Labs, the entity behind decentralized exchange Uniswap, on Nov. 17 launched two new smart contracts. One increases token swap flexibility and the other aggregates ERC-20 and NFT swaps.

The first, Permit2, is a token approval contract. Uniswap says it will lower transaction costs and improve smart contract security. The contract uses an approve method that was first defined in the EIP-20 token standard.

The smart contract allows for universal permits for any token, so users no longer have to send an approval transaction each time they use a new application. The contract will also facilitate time bound and batched token approvals.

The second smart contract, Universal Router, lumps together ERC-20 and NFT trades into a gas-optimized router. The smart contract lets users swap multiple tokens on Uniswap and buy NFTs across marketplaces in a single transaction.

The router “significantly lowers barriers between DeFi and NFT swaps,” commented DeFi Maestro of Web3 venture studio Spartan Labs. “Especially useful for clearing random sh*tcoins in the wallet.”

Uniswap is offering users a $3 million bounty for identifying any bugs in the contracts’ code.

The product launch comes at a hard time for the crypto industry, with the contagion associated with FTX’s collapse seeping through to decentralized platforms. The Total Value Locked (TVL) in DeFi platforms is down 23% since the start of the month, when it exceeded $55 billion.