Uniswap has launched a $2.35 million prize pool for researchers to audit its upcoming v4 codebase.Un
Uniswap (UNI) is down more than 4% on Thursday following the launch of a $2.35 million prize pool for researchers to audit its latest v4 codebase.
Uniswap launches prize pool for v4 audit
Uniswap Labs announced that it is launching a $2.35 million prize pool to fund independent reviews for its upcoming Uniswap v4 upgrade. In what it called “the largest security competition in DeFi history,” Uniswap Labs said it aims to make “v4 the most audited code ever deployed on-chain.”
The event, supported by non-profit Uniswap Labs and security firm Cantina, will run from September 4 - 30.
The pioneering AMM decentralized exchange will see new features in the upcoming v4, including:
Despite the newer features in v4, Uniswap has faced criticism due to its plans to release the upgrade under the Business Source License 1.1, which restricts its codebase from being used for commercial purposes for up to four years. Many see this as a deviation from the open-source ethos of web3.
IntoTheBlock's Global In/Out of the Money, which measures the percentage of coins or addresses in profits, shows that only 22% of UNI coins are profitable. 77% of coins are out of the money, with the highest accumulation zone being around the $9 to $15.7 range.
UNI Global In/Out of the Money
When a large percentage of coins are held at a loss, it often indicates that prices may have bottomed and could see a reversal.
Meanwhile, UNI is in a downtrend on the 4-hour chart after the market crash on August 5, which saw its price record lows last seen in November 2023. The 200-day moving average has served as resistance since July and could resist a further attempt to rise.
On the downside, UNI could see a massive correction if it breaches the $4.703 support formed on August 5.
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