Uniswap v3 disappointed users on the first day

The long-awaited update of Uniswap to version 3 disappointed users on the first day. Traders report high fees and technical problems when using the platform

The launch of Uniswap V3 has become one of the most anticipated events in the cryptocurrency calendar of 2021. The update took place on May 5, but users did not find the promised speed and low commissions in it.

Many people write in social networks that the functionality and the experience of using it did not meet expectations.

Pain Points of Uniswap v3

From the developer of Yearn Finance ” banteg» any questions? to the token quota system, which also offers to get quotes from the previous version by clicking on the “Get a better price on v2” button (get a better price on v2);

“If the web interface gets the best quote from the second version, why not just redirect it and just give the user a notification? There is not a single reason in the world why a user would prefer a worse performance. When deploying the second version, there were the same problems.”

In your Telegram feed, DeFi Prime too commented on difficulties of the new interface:

“Now, to understand how to assess your position on liquidity, you need an academic degree. This is a huge step back from the simplicity we had in version 2.”

Most of the negative comments related to the cost of using the platform. Fees on the Ethereum network remain high, and solutions that allow you to save on gas have not been implemented in v3.

Managing Partner of Dragonfly Capital Haseeb Qureshi translated it three wrapped ETH (wETH) in DAI. This transaction cost him about $24 in network fees.

“It looks like Uniswap v3 uses even more gas than v2. However, as expected. Judging by the test transaction, simple exchanges will cost 28% more expensive. For more complex transactions that go through multiple ticks/buckets, the gas costs should be slightly higher.”

Another complaint is related to the astronomical cost of creating a pool and adding liquidity, which is usually found out one developer, was 0.2 ETH or about $750.

All of this contradicts Uniswap’s initial claims that gas prices will be lower in the third version.

UNI price dynamics

At the time of publication, the UNI rate declined slightly. In daily terms, the token fell by 4% to $41.5. The price continues to decline from the historical high of $45, reached on May 3.

The UNI graph. Source CoinGeko

According to DappRadar, the value of the software locked on the platform is $9.5 billion. Thus, the high costs of using the new version did not lead to any noticeable loss of liquidity.

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