Uniswap Labs introduces Uniswap Extension
Uniswap Labs has announced a waiting list for its new browser-based wallet extension Uniswap Extension. The application is now open exclusively to uni.eth usernames via Ethereum Name Service (ENS).
This announcement comes a few days after the Uniswap Foundation, the non-profit group that oversees the development of the Uniswap protocol, announced that it will launch the V4 upgrade of the decentralized exchange in the third quarter of 2024. The upgrade will be based on the Dencun upgrade from Ethereum and aligns with Uniswap's focus on self-custody and decentralization.
The native web browser extension will allow sending, receiving, buying and swapping tokens directly from within the web browser. This simplifies the Web3 experience for decentralized exchanges by eliminating the need to access from a separate app or log in from another wallet like MetaMask.
According to Uniswap Labs, this extension is “the first wallet to reside in the browser sidebar” and no longer requires a pop-up or trading window. Such initiatives can be seen as efforts to eliminate user dependence on third-party services for core functionalities, with the aim of significantly increasing accessibility as the field Decentralized finance expands the scope of operations.
To date, over 100,000 uni.eth subdomains have been claimed for free through the Uniswap mobile app, available for both iOS and Android users. However, please note that usernames are only available on version 1.21.1 and above of Uniswap Wallet.
In light of these developments, the Uniswap Foundation announced a new proposal over a week ago to completely change the reward system for staking and delegation. In this proposal, Uniswap seeks to address concerns about stagnation in its protocol by prioritizing rewards for “active, engaged, and thoughtful” users.
The decentralized exchange also recently deployed Uniswap v2 on Arbitrum, Polygon, Optimism, Base, BNB Chain and Avalanche, allowing direct swaps and liquidity pool creation from the native interface.
The protocol's native UNI token is up 47.7% over the past week. Looking at data from CoinMarketCap, a significant change in decentralized trading volume can be seen between February 23 and 24. From a 24-hour average of $105 million, this DEX suddenly saw $2 billion in trading volume. By February 25, it had dropped to $1.5 billion, with current data at $495 million.
Such volume changes also reflect the protocol's market capitalization, which increased from $5.5 billion to $8.5 billion in the same time frame shown in the chart below.
Source: CoinMarketCap
