Uniswap Weekly Trading Volumes Surpass $10 Billion Amid V3 Contracts Deployment

The V3 Contract Deployments Come In Period When Gas Fees On Ethereum's Network Continue To Rise

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Uniswap, one of the best-performing DeFi platforms to date, reached a historical all-time high in terms of weekly trading volumes, surpassing $10 billion. The news was announced by Uniswap’s founder Hayden Adams via a post on social media. Hayden Adams also noted that six months ago, Uniswap’s trading volumes were half of the $10 billion milestone. On a weekly basis the trading volume has increased by a 25.7%.

Uniswap became one of the biggest names in DeFi, as well as a preferred choice for onboarding new projects. As an industry leader, Uniswap helped the DeFi market reach $55.6 billion in total value locked (TVL) with Uniswap accountant for $5.95 billion, according to data from DeFiPulse.

Source: DeFi Pulse

And despite that the crypto market is undergoing a severe correction, the DeFi ecosystem seems to be growing. Several new DeFi projects are set to launch soon, with Uniswap likely to benefit from the situation.

For example, Uniswap native governance token – UNI, increased substantially, with prices sitting above $30 per token. Uniswap also dropped a total of 400 UNI tokens to its users last year, which now worths over $12,000.

Meanwhile, Uniswap continues with its protocol development with the deployment of its V3 contracts on four Ethereum testnets. The highly-anticipated “V3” iteration has been deployed on the Ropsten, Rinkeby, Kovan, and Goerli testnets, states the company in a recent blog post.

The core contracts have been posted to GitHub, with Uniswap noting that the contracts are not final, as there would be changes to the final repository.

Uniswap also uncovered a massive bounty campaign, offering rewards of up to $500,000 for the discovery of high severity bugs in V3’s contracts. For now, Uniswap v3 is expected to launch on Ethereum’s mainnet on May 5. 

The upgrade includes multiple fee tiers for compensating liquidity providers who take different levels of risks. Also, Uniswap considers to address the automated market maker bonding curves.

The three separate fee tiers per pair would be grouped according to pair`s volatility - 0.05%, 0.30%, and 1.00%.

The upgrade comes amid increasingly high Ethereum trading fees, which average around $67.86 for a token swap on the network.

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