Uniswap version 3 (Uniswap v3) is here, and it has brought some notable changes. With the upgrade to v3, Uniswap has changed how they handle liquidity pool ownership.
In the Uniswap team’s own words, “v3 offers Concentrated Liquidity, aggregating individual positions into a single pool”. It also provides multiple fee tiers allowing LPs to be appropriately compensated based on the degree of risk they are taking. In addition, the gas costs of v3 swaps on Ethereum mainnet are less expensive than on Uniswap v2.
Some of these changes in Uniswap v3 have initiated changes in Team.Finance as well.
Here’s an explanation of what’s changed.
How Uniswap V2 Works
With Uniswap v2, once you create a pool, in other words, place a token for trade, you, in return receive an ERC20 token called an LP token (Liquidly Pool Token). Team.Finance was using this token standard (ERC20) to lock the token in our smart contracts and thus prevent a rug pull. That’s how it worked with Uniswap v2.
How Uniswap V3 Works
Uniswap v3 creates an NFT instead of an ERC20 token and gives the NFT to the user as proof of ownership, providing it with the same function that the LP token has in Uniswap v2.
This serves as a logical next step in the development of Uniswap and makes sense considering the critical place that NFTs now hold in the crypto space and their increasingly common use as digital proof of ownership.
How Team.Finance Has Adapted To The Uniswap V3 Changes
Team.Finance still supports Uniswap v2 and the ERC20 token functionality; however, we added functionality to allow people to lock the NFTs received from Uniswap v3.
This functionality is available for all chains on Team.Finance.
Also, alongside NFT liquidity locks, we now support regular NFT locks as well. So, this means you can lock your Bored Ape or Crypto Punk for three months if you are worried that you will sell it too quickly.
We made this move to adapt to the Uniswap v3 changes and allow Uniswap v3 users to use Team.Finance for locking, and this is consistent with our mandate to make Team.Finance the most useful and effective product suite for Crypto projects in the ecosystem.
Click here and head to Team.Finance to check out the updates.
