Uniswap V3 – Problems from the Beginning
Hours after its launch, several users have already made some complaints, especially about its higher gas fees. According to one Twitter user, “even more expensive to make mistakes now. Tried to migrate my UNI/ETH liquidity to V3, failed, and paid 108.09 USD worth of gas.” Other notable players like Dragonfly Capital’s Haseeb Qureshi voiced the same concern.
Other complaints include the complexity of the new user interface, which, as DeFiPrime had stated, “now requires a master’s degree to figure out,” calling it a “huge step backward” from v2. Furthermore, crypto news outlet BeInCrypto gave the once top DEX the nickname “Uniflop” when reporting the situation.
Uniswap might seem like a spectacular failure for most traders, considering that the DEX promised 4,000x superior liquidity efficiency, customizable price curves, and integration with a second-layer scaling solution. However, it needs to be noted that a major upgrade such as v3 is likely to be imperfect at launch.
Teething Problems of V3
Most of its new upgrades have only been beta-tested recently, which means they might not be as optimized as they should. Above all, its second-layer scaling solution, Optimism, has not been implemented yet, so most people complain about the fees.
As soon as Optimism is integrated with Uniswap v3, the transaction throughput is expected to increase a hundredfold, which would likely help decongest the network and substantially reduce the DEX’s gas costs. While “game-changer” is too extreme to describe Uniswap’s new iteration, it will likely bring the DEX back on top in terms of daily volume.
