Uniswap’s wallet was introduced in beta and provides instant switching between layer- platforms and mainnet and more features.
On Thursday, Uniswap, a leading decentralized exchange, introduced a mobile crypto wallet. This comes months after doing a similar thing on Apple’s iOS platform.
Currently, the application is in beta as the firm invites DeFi community members to participate in the wallet’s testing before its vast release to users. The decentralized exchange’s Twitter feed shows that 35000 users have signed up to the waiting list.
Uniswap Labs Leverages Open Source Code to Unveil Android Wallet
As part of its Trail of Bits audit, the Uniswap Labs’ code will be open-sourced. Trail of Bits refers to a cybersecurity firm that provides blockchain evaluation and creates Web 3 tools to aid in the identification and fixing of susceptibilities in smart contracts as well as other code sections.
According to Bridgett Frey, a Uniswap Labs representative, the Android application is being launched in beta to ‘resolve’ any problem as the company enlists more users. A mainnet release is anticipated before the end of 2023.
Uniswap team says the newly introduced wallet comprises features the company believes will make an excellent swap. A blog post that announces the introduction of the application’s beta guarantees instant swaps and effortless token discovery. Besides, it promises transparent pricing to show fees not readily apparent to traders.
Instant switching between blockchain mainnets, for instance, Ethereum, and layer-2 scaling platforms such as Arbitrum and Optimism is another critical feature. Uniswap Labs claims that for persons seeking to trade between layers, the Android wallet will automatically approximate the required target and carry out the switch. In addition, the wallet will provide access to Base, Arbitrum, BNB chain, Optimism, and Polygon.
Frontrunning and sandwich attacks are two prevalent exploits in decentralized finance (DeFi). A frontrunning attack occurs when an attacker views an awaiting transaction and, with information concerning the price for which a token will be swapped, offers their swap. On the other hand, a sandwich attack involves an attacker seeking to make a profit by sandwiching an exchange between two transactions.
Uniswap Integrates Swap Protection in Android-based Mobile Wallet
Uniswap has included ‘swap protection’ to the Android mobile wallet to protect users against such threats. It will have a private transaction pool, thus protecting people from these forms of MEV threats.
The launch occurred half a year following Uniswap’s launch of a version of the application for the Apple iPhone. After its launch, the Uniswap Labs team claimed it was a top-three download. A representative failed to disclose download data.
Uniswap Labs Expedites Android-based Application Following the iOS-Exclusive Wallet
Based on the release, Bridgett Frey said that Uniswap Labs was always aware of the need to speedily follow the launch of the iOS with an Android application. This is because Uniswap is an international product, and most of the world does not utilize Apple.
In recent months, the protocol has experienced significant criticism following the filing of a class action case against it. In a ruling labeled ‘a strange kind of anomaly,’ Katherine Polk Failla, a New York Judge, finally dismissed the case against Uniswap.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.