The third version of the Uniswap decentralized exchange launched on the Ethereum mainnet last night. Uniswap v3 was announced in March and is designed to dramatically improve user investment efficiency. The users themselves, after the first experience of interacting with the updated Uniswap, shared feedback and said that they did not like it.
The developer of the DeFi protocol yearn.finance under the nickname banteg drew attention to the inconvenience of the interface, where users are offered to switch to the old version of the exchange in order to get the best exchange rate, but they do not show this rate itself and do not allow the exchange to be carried out directly.
“If the front-end gets the best quotes from v2, why not just submit a request through it with the appropriate notification? There is no reason why the user would prefer the worst performance. With the launch of v2 there was the same problem “, – wrote is he.
Defiprime pointed to the complexity of the new concentrated liquidity system, which should become the main advantage of Uniswap v3. Some users have already stated that they will look for third-party interfaces to interact with the exchange, as the option offered by the developers seems to them not the most convenient.
“It now takes an advanced degree to understand the user interface for adding liquidity and how to evaluate a position. This is a huge step back from the simplicity of v2. ” write defiprime.
“This is phenomenally outstanding work and a technical masterpiece in functionality. But I’m waiting for third-party interfaces for liquidity providers, so this one is not suitable, ”adds one of the commenters. “We need a button“ I’m lazy ”, which would repeat the rules of liquidity v2 and distribute it across the entire spectrum,” writes another.
Some have also found that it has become more expensive to use Uniswap v3. The issue should be resolved by adding support for the second-level network Optimism, but its release is delayed. At the same time, the developers themselves previously stated that Uniswap v3 will become a little cheaper to use, even at the level of the main Ethereum network.
“It looks like Uniswap v3 requires more gas than v2, roughly as expected. Thus, a one-step transaction has become more expensive by 28%. Transaction costs with multiple steps will be even slightly higher, ”said Hasib Qureshi, Managing Partner at Dragonfly Capital.
In addition, in Uniswap v3, users have to re-create liquidity pools by interacting with a smart contract. One of them discoveredthat the cost of such an operation is more than 0.2 ETH or $ 750.
“This is just for creating a pool. I think you were the first liquidity provider in the pool, ”explained Hayden Adams, creator of Uniswap.
One of the commenters suggested the idea of rewarding pool creators with rare NFTs, which are now sent to liquidity providers along with the usual ones, but it’s too late for that.
According to the exchange’s own analytical portal, the liquidity of Uniswap v3 half a day after the launch is $ 211 million, the trading volume is $ 46 million. The liquidity of Uniswap v2 in 24 hours decreased by $ 310 million to $ 8.32 billion. liquidity providers are in no hurry to trust the new protocol variation, preferring to continue working with the tested second version.
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