UNI Price Jumps 9.5% After Uniswap Announces the V4 Upgrade

Highlights

Uniswap price shoots 10% extending its weekly gains amid broader market rally.
Uniswap v4 upgrade will provide enhanced smart contract with complex functionality.
Uniswap v4 upgrade will introduce the concept of "hooks" while bringing reduced fees.

UNI, the native cryptocurrency of the world’s largest decentralized exchange Uniswap, joined the broader market rally with nearly 10% gains in the last 24 hours. As of press time, the UNI price is up 9.5% trading at $7.63 with a market cap of $4.54 billion.

UNI Price Sees Significant Surge with 15% Uptick in Past Week

Amid today’s rally, the Uniswap (UNI) price extends its weekly gains to more than 15% with strong trading volume.

The trading volume for UNI has also demonstrated a substantial rise, soaring by 62% over the same period. Interestingly, this surge in trading activity appears to be in contrast to the movement of the coin’s overall circulating supply, which has observed a slight decline of 0.37% during the past week.

As a result of this trend, the current circulating supply of UNI stands at 753.77 million tokens, constituting approximately 75.38% of its maximum supply, which is capped at 1.00 billion tokens.

The major reason behind today’s UNI price surge is the announcement of the Uniswap v4 upgrade by the foundation. As per the announcement, the Uniswap v4 will go live by Q3 of this year. The initial draft of Uniswap v4, unveiled last year in June 2023, introduced the concept of “hooks.”

These hooks offer a solution to the inflexibility often associated with traditional smart contracts by empowering developers to inject custom logic at specific junctures. This capability enables dynamic adjustments and facilitates diverse use cases. For users, the implementation of hooks holds the promise of potentially reduced fees, enhanced asset management strategies, and access to innovative features such as instant swaps.

In conjunction with Ethereum’s anticipated Dencun upgrade, slated for March 2024, several Ethereum Improvement Proposals (EIPs) are set to be activated, including EIP 4788, EIP-1153, and EIP-4844. Of particular significance to Uniswap v4 is EIP-1153, which will introduce transient storage. This enhancement will empower developers to optimize smart contracts for more intricate functionality.

Beware of the New Uniswap Scam

Hayden Adams, the creator of the decentralized exchange (DEX) Uniswap, recently issued a cautionary message to the cryptocurrency community regarding a scam involving wallet addresses posing as Ethereum Name Service (ENS) domains.

In a warning shared on X on February 14, Adams alerted users about scammers who were impersonating his Ethereum wallet. He explained that these scammers had duplicated and registered his wallet address as an ENS wallet with a .eth extension. Additionally, Adams noted that pasting his wallet address into certain user interfaces might display an ENS match unrelated to his address as the primary search result.

first time I've seen this scam, so posting it as a heads up for users and interfaces

someone bought the ens "[myEthereumAddress].eth"

so when you paste in my address, the top result in some UIs is an ens match instead of the resolved ENS name

impt for UIs to filter these out pic.twitter.com/0cQAL5tQ0T

— hayden.eth 🦄 (@haydenzadams) February 14, 2024

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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