On November 17, 2022, Uniswap Labs announced that it builds public infrastructure that pushes crypto to the next level. Uniswap Labs, a protocol for trading and automated liquidity provision on Ethereum, launches two new smart contracts:
1. ‘Permit2’ for token approvals, sharing and management across different applications.
2. Universal Router for unification of ERC20 and NFT swapping into a single swap router.
These two smart contracts introduce Permit2 & Universal Router—new smart contracts that increase the flexibility of token approvals & aggregate ERC20s & NFT swaps into one.
Uniswap Labs added that the two new smart contracts improve its own products, optimizing gas costs, simplifying user transaction flows, and strengthening security. These contracts are designed to be used by the entire developer ecosystem, including extensive documentation, SDKs, and a two-week bug bounty.
Permit2
Permit2, a token approval contract can safely share and manage token approvals across different smart contracts. It further iterates on the token approval mechanism by introducing signature-based approvals and transfers for any ERC20 token, regardless of EIP-2612 support.
Universal Router
Universal Router- Unified token and NFT swaps is Uniswap’s next-gen router that unifies token and NFT trades into a highly flexible, gas-optimized, secure, and extensible swap router. This will significantly improve product and user experience, which is why it will become the default swap router for all Uniswap swaps in the near future.
On the other hand on November 14, 2022, Uniswap became the second-largest exchange after Binance for Ethereum trading in the last 24 hours.
Hayden Adams, CEO of Uniswap, shared a tweet in which he stated that the total ETH/USD or stables volume is as follows: at first Binance had approximately $1.9 Billion volume, while Uniswaps had around $1.1 Billion volume, and on the third position, Coinbase recorded around $0.6 Billion volume.
Mr. Adams added about the new smart contract release that it enables a bunch of new superpowers, including shared approval management across dApps, batch approvals, timed approvals, and more. These are both powerful tools that will create a safer and better trading experience for tokens and NFTs.
It must be noted that Uniswap is one of the best Decentralized exchanges that allow its customers to trade crypto while retaining full control over their funds.
On the next day, Mr. Adams shared an article that was about Sam Bankman-Fried and called it bizarre as it described a series of scams/fraud in the fraudsters words, w/almost no interjection or explanation.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/11/18/uniswap-labs-introduced-new-smart-contracts-find-here-the-details/