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What Is Uniswap-V2?

By Austin Reihl | Cyberfeed | 9 Feb 2021

Uniswap-V2 (UNI-V2) is the successor to the wildly popular UNI-V1 protocol launched in late 2018.


UNI-V1 undoubtedly laid a solid foundation for the current iteration of the UNI protocol, but things move fast in the land of crypto - you might be surprised to learn V2 was only recently launched in March of 2020!


What’s New In UNI-V2?


Along with the launch of UNI-V2 last May came the introduction of many new features and enhancements - primary upgrades to the UNI protocol build upon the swapping and liquidity provision mechanisms first introduced by UNI-V1.


UNI-V2’s most arguable defining feature is that all ERC-20 token swaps executed by the protocol enable trustless transactions, meaning all transaction (tx) data can be confirmed and called upon without the need to rely on a third party.


And that's just the beginning - UNI-V2 brings a wide variety of upgrades and advancements to the protocol!


These new features include:

  • Price oracle functionality

  • Flash swaps

  • Support of non-standard ERC-20 tokens

UNI-V2 also introduced an optional 0.05% protocol charge that can help to reduce the standard trading fee of 0.3%.


The UNI-V2 Rollout


Transitioning from UNI-V1 to UNI-V2 saw the protocols smart contracts rewritten in the programming language known as Solidity.


The transition in programming languages allowed V2 to successfully overcome the previous limitations of Vyper, the original programming language used to build UNI-V1. The final UNI-V2 rewrite fell under the scrutiny of third-party audits and extensive testing before seeing any real-world stability.


UNI-V2 saw development on a testnet to mimic real-world usage and pass thorough audits from reputable development teams. such as ConsenSys Diligence (full audit found here) before seeing a Mainnet release.


The meticulous task of carrying out due diligence on the UNI-V2 source code has likely ensured that no major bugs will be encountered through future interactions on the UNI-V2 protocol. Regardless, UNI offers a Bug Bounty Program for any major flaws that may be discovered by users.

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Austin Reihl
Austin Reihl

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