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 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

— Uniswap Labs (@Uniswap) March 30, 2024

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 addressesAnd hello to uni.eth usernames pic.twitter.com/ZnIUPfd1UC

— Uniswap Labs (@Uniswap) March 29, 2024

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.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +Show less –

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. 

Source: CoinMarketCap

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.

You may also be interested in:

  • Price Pattern That Triggered the Last 200x Move for Dogecoin (DOGE) Re-emerges; Here’s the Potential Target

  • Chainlink Continues Uptrend with Bullish Forecasts and Mixed Signals Amid RWAs Expansion: How High Can LINK Go?

  • From Playful to Profitable Dogecoin (DOGE) and Shiba Inu (SHIB) Investors Pounce on Koala Coin (KLC) Opportunities

Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters

The post Uniswap Web Extension Set to Launch amid UNI Price Pump appeared first on CaptainAltcoin.