Decentralized finance (DeFi) protocol Uniswap (UNI) price has risen roughly 4% in the last 24 hours, amid launch anticipation of a new web extension. Users can create free wallet usernames via the Uniswap mobile app to join the waitlist for the Uniswap Extension.
Set to release a series of updates geared towards user experience, the Uniswap Extension announcement is accompanied by a 10% pump in UNI price over the last seven days.
The Extension is almost here ✨
— Uniswap Labs 🦄 (@Uniswap) March 30, 2024
To join the waitlist, claim your uni.eth username in the Uniswap mobile app and turn push notifications on 🔴
Learn more about the Extension (and other tools to swap smarter) 👇https://t.co/nI1DAmnDLz
What you'll learn 👉
The Uniswap Extension
Similar to Ethereum Name Service (ENS) .eth domains, the extension enables users to claim .uni.eth usernames — dispensing with complicated “0x” wallet addresses, and facilitating easier wallet identification. The Uniswap Extension is set to feature as a sidebar for wallet access, eliminating the need for pop-ups and transaction windows when accessing browser wallets.
Additionally, the web extension will consolidate assets across networks in one place, offer low fee swaps, and Miner Extractable Value (MEV) protection. Furthermore, the development also introduces limit order support, real-time token data, and zero fees for “most token pairs”.
However, the question remains as to how Uniswap’s web extension will tackle Ethereum (ETH) scaling issues (high fees, congestion) with increased activity sparked by these new features.
Say goodbye to 0x addresses
— Uniswap Labs 🦄 (@Uniswap) March 29, 2024
And hello to uni.eth usernames 💫 pic.twitter.com/ZnIUPfd1UC
Security, Scalability & Regulatory Hurdles
The Uniswap Extension updates offer increased liquidity access, speculatively seamless trading, and broader blockchain adoption, but there are DeFi implications and security concerns.
Firstly, the Uniswap mobile app offers wallet recovery phrase retrieval, which has already been met with skepticism within the crypto community. One such example seen in Oct, 2023 was the backlash received by Ledger’s ‘Ledger Recover’ feature.
Although Uniswap’s recovery phrase ‘secure device backup’ is encrypted and password-protected, it’s stored on Google Drive — potentially along with the password protecting it.
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Show more +Secondly, Uniswap operates on the ETH network, famed for high transaction fees and congestion. The Uniswap Extension’s potential for accelerated blockchain adoption could quickly exacerbate these scalability issues, only worsening congestion issues and raising fees.
Lastly, regulations, regulations, and regulations. The closer DeFi integrates with traditional finance (TradFi) and the closer Uniswap features mirror TradFi services, the more likely it will attract regulatory scrutiny.
Positive Market Reception
Regardless of potential drawbacks and challenges this update faces ahead, this latest development has received positive market response reflected in UNI price. As the DeFi platform continues to offer innovative updates, the UNI token utility will increase, and with that, the demand for its governance token.
Hitting its ATH for monthly Uniswap volume on layer-2 (L2) blockchains, the Uniswap Extension is not available as of Mar 31, but users can pre-claim their free wallet usernames via the iOS Uniswap wallet mobile app.
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