The exchange called the transition to the PoS algorithm an important step towards scaling the blockchain ecosystem

Uniswap refuses to support Ethereum forks

08.09.2022 - 10:40


2 min

What’s new? On September 7, Uniswap, a decentralized exchange (DEX), published a blog post about changes to the protocol following Ethereum’s The Merge upgrade, which will see the network change its consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS). Representatives of the exchange reported that Uniswap Labs supports the upgrade and has no plans to support any other forks.

Announcement on the Uniswap blog

What other announcements have been made? The exchange team called the move to PoS an important step toward scaling the Ethereum ecosystem and immediately reducing its environmental footprint. The exchange’s users do not need to take any action in connection with the Ethereum upgrade, the protocol, and the Uniswap app will continue to operate as normal.

In addition, the team warned developers about two possible vulnerabilities related to price manipulation in Uniswap v3 oracles and the permitting mechanism.

What is known about the Ethereum upgrade? Due to the consensus algorithm change, the way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on PoW.

After Ethereum developers activated the Bellatrix upgrade on September 6, technical problems were recorded on the network. Thus, the blockchain’s missed block rate increased by 1700%. Typically, this figure is 0,5%, but after Bellatrix, it increased to 9%.

Read about the risks of Ethereum’s transition to PoS in GetBlock Magazine’s special feature.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy