The Avalanche network is now supported by Uniswap. Users can swap Avalanche tokens and provide liquidity through the decentralized exchange.
Uniswap, one of the crypto market’s biggest decentralized exchanges, has launched on the Avalanche network. The deployment should see more users take to the market’s largest DEX by volume.
Uniswap Launches on Avalanche
Avalanche also celebrated the launch, offering details on the release. Uniswap V3 will be available on the network, with the bridge for Avalanche deployment being LayerZero. As a result, any user can now swap and provide liquidity through the Uniswap Protocol on the Avalanche Network.
The decision to launch on Avalanche was first announced in March 2023, and the deployment makes Uniswap available on seven different chains. The Uniswap community had voted in favor of the Uniswap V3 deployment.
The launch on Avalanche comes as Uniswap prepares for an upgrade to V4. This upgrade, which has been making headlines, all depends on the Ethereum Cancun upgrade.
The latter is expected in September and will implement proto-sharding techniques and bring other improvements.
One Uniswap Labs developer said the V4 upgrade would result in endless possibilities. The hype is high, as the new version would mean that users can build their own features.
It also introduces a new type of smart contract called ‘hooks,’ which allows developers to build on top of liquidity pools.
DEXs Record $189B Volume in Q2
As these conversations about Uniswap’s launch on Avalanche dominate headlines, analysts have also been taking note of how the DEX market has been performing in Q2, 2023. DEXs recorded $189 billion of volume in the last quarter, with Uniswap unsurprisingly coming out on top. Curve Finance follows Uniswap in volume.
However, DEX volume fell by 24% from Q1, when it totaled $249 billion. CEX volumes also continue to dwarf DEX volumes, though there has been some migration to the latter following the downfall of FTX.
Top DEX Market Share by Volume. Source: CoinMarketCap
Another reason DEXs have been steadily growing is that more DEX products have been released, as well as the increasing regulatory scrutiny of CEXs.
While Binance dominates CEXs, it is facing probes from entities the world over.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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