New iteration outperforms predecessor amid concerns over costs, complexity.
Uniswap founder Hayden Adams has declared Uniswap’s v3 launch day a greater success by volume than that of its v2 iteration, despite a slew of complaints from users about its costs.
Adams wrote in a tweet dated May 7 that during its first 24 hours live, v3 had processed more than double the volume that v2 had during its first month.
He also said the platform was running at a higher level of efficiency than v2. Adams said that v2 had processed $1.1 billion in volume and $8.1 billion in total value locked on its first day, producing an efficiency ratio of 13%, but that v3 had seen $150 million in volume and $300 million in TVL, giving it an efficiency ratio of 50%.
The apparent success of v3 comes as users have been quick to criticize the costs of the latest iteration, according to a report by Cointelegraph.
Dragonfly Capital Managing Partner Haseeb Qureshi wrote on Twitter, “Looks like Uniswap v3 is more gas expensive than v2, roughly as expected … Specifically, it’s about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.”
Other users were critical not only of the cost of creating a pool and adding liquidity on the new platform but also of its complexity, with media outlet DeFiPrime tweeting, “Add liquidity UI now requires a master’s degree to figure out how to price your liquidity position. It’s a huge step backward from the simplicity we had in v2.”
At press time, Uniswap’s token price had dropped by 6.3% in the previous 24 hours to trade at around $39.