Decentralized Exchange Uniswap To Upgrade to Newer Version After Ethereum’s Dencun Update

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A decentralized crypto exchange plans to upgrade to a new version after Ethereum’s (ETH) Dencun update rolls out in March.

In a new announcement, the Uniswap Foundation, the team behind digital asset exchange Uniswap (UNI), says that the protocol’s fourth version is slated to launch sometime during Q3 of 2024., according to a shared launch roadmap.

“Phase 1: Code freeze (in progress), Core code completion, testing, gas optimizations, security enhancements, and finalizing the periphery.

Phase 2: Auditing and testnet comprehensive auditing by multiple audit firms and a community audit contest. In parallel, v4 will be deployed to testnet, and final adjustments will be made to the code.

Phase 3: Launch Push v4 is pushed to Mainnet ETH in Q3.”

UNI is trading for $7.40 at time of writing, a 1.34% gain during the last 24 hours.

Dencun, a portmanteau of Cancun and Deneb, represents two separate upgrades happening simultaneously for the leading smart contract platform – one for its execution layer and another for its consensus layer, according to an article written in October by blockchain software firm Consensys.

“With the upcoming Cancun-Deneb upgrade, there is a clear focus on improving Ethereum scalability through the creation of ‘data blobs’: a new transaction type intended to scale data availability for Layer 2 (L2) rollups…

The Ethereum network is divided into two main layers: the Execution Layer and the Consensus Layer. Prior to the Bellatrix upgrade – often described as ‘The Merge’ – Ethereum’s Consensus Layer and Execution Layer operated independent of one another. In our post-merge world, these two run parallel to one another…

Each Ethereum layer undergoes separate upgrades, but the client teams for each layer synchronize the timing of each Ethereum hard fork. Therefore, while the forthcoming Cancun and Deneb upgrades are technically distinct, they are implemented simultaneously.”

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Featured Image: Shutterstock/Klerka/Voar CC

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