Uniswap founder Hayden Adams has reported that the launch day of Uniswap’s v3 iteration was more successful than its predecessor in terms of volume.
In a tweet on May 6, Adams announced the launch of Uniswap v3 the day before a resounding success. He found that in the first 24 hours after launch, v3 had already processed more than double the volume that v2 had seen in the first month.
Adams divided Uniswap’s volume by Total Locked Value (TVL), claiming the platform was more efficient than its v2 form. While version 2 recorded a volume of USD 1.1 billion on the first day and TVL USD 8.1 billion for an efficiency rate of 13%, according to Adams, version 3 recorded a volume of USD 150 million and TVL of 300 USD million allocated for an efficiency rate of 50%.
It’s been ~ 24 hours since it started @Uniswap v3
v3 24-hour tape: $ 150 million
v3 tvl: $ 300 million
vol / tvl (efficiency) = 50%
v2 24h vol: $ 1.1b
v2 tvl: $ 8.1 billion
vol / tvl = 13%
In its first day, v3 has already seen more than double the volume that v2 has seen in its first month
– Hayden Adams (@haydenzadams) May 6, 2021
At the time of writing, the Uniswap dashboard reported a daily volume of $ 214 million with a TVL of $ 350 million for version 3. Over the same period, version 2 has a daily volume of $ 1.1 billion and of course, a TVL value of around $ 8 billion over the course of the operating period.
Not everyone was so excited about the latest version of the world’s most popular DEX that users began to complain about the cost of using version 3. One Respondent declared to Adams:
“It is now even more expensive to make mistakes. I tried to migrate my UNI / ETH liquidity to V3, failed and paid $ 108.09 worth of petrol. “
Also the managing partner of Dragonfly Capital, Haseeb Qureshi asserts Using v3 is more expensive than its predecessor. This is a sample transaction in which he tried to exchange 3 ethers for DAI.
“It looks like Uniswap v3 is more gas intensive than v2, roughly as expected. In particular, it is around 28% more expensive for single hop transactions, it looks. For larger transactions that cross multiple ticks / buckets, gas costs should be a bit higher. “
Others complained about the cost of creating a pool and increasing liquidity on the new platform claim Having paid 0.2 ETH worth around $ 750.
– Lunch (@lunchdorset) May 6, 2021
DeFiPrime commented on the complexity of using the new interface via its telegram feed as follows:
“To add liquidity, the user interface now requires a Masters degree to figure out how to evaluate your liquidity position. It’s a big step back from the simplicity we had in version 2. “
Fees still seem to be the main disadvantage of using the platform – although this has also been the case for most of the DeFi projects on Ethereum in recent months. Uniswap has to wait for Optimism to start in order to bring Layer Two scaling to version 3.
On March 29, Cointelegraph reported that Uniswap’s daily fee generation had exceeded Bitcoin’s by $ 1.7 million.