The exchange also informed users that neither the Ethereum hard fork nor its coins will be supported on the exchange's web application. Uniswap notifies users about the change in V3 oracles and replayability for Permits when Ethereum switches from PoW to PoS consensus.
Uniswap Opposes Ethereum PoW While Supporting the Merge
On September 8, Uniswap Labs said that their web app would support the Ethereum Merge and would not support any Ethereum hard forks. Additionally, the Web App and Uniswap protocol will continue to function normally throughout the change. During the Merge, users don't need to upgrade anything.
Last week, Uniswap Labs said that they are anxiously expecting the Ethereum Merge. The switch to PoS will ultimately benefit both Uniswap and Ethereum as Uniswap is the largest decentralised exchange on Ethereum. According to the business, "it's a crucial step in scaling web3 and immediately lowers Ethereum's environmental effect." Users were also cautioned by Uniswap about potential problems in the event that nodes, a third-party infrastructure provider, go offline. There may be brief outages as a result of the downtime.
The decentralised exchange provided advice for those utilising Ethereum for their development. When dealing with replayable permits and TWAP oracles after the Merge, the guidelines will assist maintain web3 secure. To preserve the time-weighted average price (TWAP) oracle security of Uniswap v3, Uniswap Labs advises the Euler team's Median Oracle implementation.
The cost of changing two successive oracle values will be much smaller in PoS than in PoW. Furthermore, despite random selection, the likelihood of a validator delivering two consecutive blocks is higher. Validators may affect oracle pricing since the block producers in PoS are predetermined for each epoch, which lasts 6 minutes.
Users are advised by Uniswap to sign Permits for only trustworthy contracts. Users who take part in ETHPoW could experience unlawful fund transfers from their wallets. By accepting permission for another contract to spend a token on their behalf, users on Uniswap can avoid paying for gas thanks to permits. The chain ID scheme will not be used in a hard fork. A malicious contract running on ETHPoW could therefore result in permitted transactions.
Support for the Switch to Ethereum PoS is Increasing
According to Vitalik Buterin, a co-founder of Ethereum, the Merge will take place between September 13 and 15. Furthermore, since top exchanges declined to embrace Ethereum PoW or ETHW, support for the Merge has continued to increase from them.
While the community is anticipating the Merge, the price of Ethereum is also rising. Support from Uniswap for the Merge will be very beneficial for Ethereum and DeFi.
