{"id":570172,"date":"2024-01-18T15:00:00","date_gmt":"2024-01-18T15:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=570172"},"modified":"2024-01-18T13:56:35","modified_gmt":"2024-01-18T13:56:35","slug":"uniswap-unveils-new-security-feature-will-it-boost-uni-demand","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/uniswap\/uniswap-unveils-new-security-feature-will-it-boost-uni-demand\/","title":{"rendered":"Uniswap Unveils New Security Feature: Will It Boost UNI Demand?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Uniswap Labs, the developer of Uniswap&#8211;a decentralized exchange, has introduced a new security feature called Permit2. <\/span><span data-preserver-spaces=\"true\">Taking to X on January 18, the DEX developer\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/Uniswap\/status\/27383439\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\"> this update addresses the &#8220;infinite token allowances&#8221; vulnerability that hackers can exploit. This flaw risked user funds, and the new feature is meant to resolve this concern.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Uniswap Sealing Infinite Token Allowance Risks<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In crypto, especially among decentralized finance (DeFi) protocols, the &#8220;token allowance&#8221; is permission initiated by the user granting smart contracts access to tokens. From there, assets can be moved. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With this permission, it becomes possible for users to interact with dapps, chiefly protocols that utilize user funds. <\/span><span data-preserver-spaces=\"true\">Some of these dapps include, for instance, decentralized exchanges like Uniswap or lending platforms like <a href=\"https:\/\/wncen.com\/news\/defi\/whales-accumulating-maker-and-aave-path-to-2024-highs\/\" target=\"_blank\" rel=\"noopener \">Aave<\/a> or Maker.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-sees-massive-sell-off-from-miners-as-price-holds-steady\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">While useful, &#8220;token allowance&#8221; can be exploited by hackers via &#8220;infinite token allowance,&#8221; where hackers can infinitely access and illegally withdraw funds from wallets, draining them as a result. Once a wallet has been compromised, it can be drained without the user&#8217;s knowledge since the compromised code already permits the hacker to move funds.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Aware of this risk, Uniswap Labs is introducing the open-source Permit2 as a solution. The tool, the DEX developer says, will give users more protection and, more importantly, control over digital assets. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A key feature of Permit2 is that users can set time limits on token approvals. Third parties can only access funds within a specific period in this arrangement.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, the tool introduces a reusable token approval for simplicity. With this feature, end users don&#8217;t have to repeatedly grant access to their funds for each transaction. <\/span><span data-preserver-spaces=\"true\">On the gas-saving fronts, Uniswap Labs say Permit2 also utilizes signature-based approvals and transfers. This means the tool can reduce gas fees when users transfer tokens.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Uniswap Building, UNI Remains Under Pressure<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This enhancement precedes the upcoming release of Uniswap v4, which introduces Hooks. This new feature provides developers with more flexibility and control over their applications. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/why-is-bitcoin-price-trading-sideways\/\" target=\"_blank\" rel=\"noopener \">Why Is Bitcoin Price Trading Sideways? 3 Key Factors<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Analysts say the launch of Uniswap v4 and Uniswap Labs&#8217; continuous enhancement to improve security might cement the DEX&#8217;s position.<\/span><\/p>\n<figure id=\"attachment_570173\" aria-describedby=\"caption-attachment-570173\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-570173\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Screenshot510.png?resize=1024%2C437\" alt=\"Uniswap TVL | Source: DeFiLlama\" width=\"1024\" height=\"437\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Screenshot510.png?w=1131 1131w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Screenshot510.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Screenshot510.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Screenshot510.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Screenshot510.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-570173\" class=\"wp-caption-text\">Uniswap TVL | Source: DeFiLlama<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">According to DeFiLlama <a href=\"https:\/\/defillama.com\/protocol\/uniswap\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a>, Uniswap has managed over $4.4 billion worth of assets. Even so, UNI prices continue to struggle.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/z5SOYXTV\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/z5SOYXTV\/\" alt=\"UNI price trending upward on the daily chart | Source: UNIUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">UNI price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/z5SOYXTV\/\" target=\"_blank\" rel=\"noopener nofollow\">UNIUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Looking at the daily chart, UNI has resistance at around $8.1 and is currently down roughly 20% from December highs. Sharp losses below $6 might trigger a sell-off, forcing the token towards $4.5 or lower.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Uniswap Labs, the developer of Uniswap&#8211;a decentralized exchange, has introduced a new security feature called Permit2. Taking to X on January 18, the DEX developer\u00a0said this update addresses the &#8220;infinite token allowances&#8221; vulnerability that hackers can exploit. This flaw risked user funds, and the new feature is meant to resolve this concern. Uniswap Sealing Infinite Token Allowance Risks In crypto, especially among decentralized finance (DeFi) protocols, the &#8220;token allowance&#8221; is permission initiated by the user granting smart contracts access to tokens. From there, assets can be moved. With this permission, it becomes possible for users to interact with dapps, chiefly protocols that utilize user funds. Some of these dapps include, for instance, decentralized exchanges like Uniswap or lending platforms like Aave or Maker.\u00a0 Related Reading: Bitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady While useful, &#8220;token allowance&#8221; can be exploited by hackers via &#8220;infinite token allowance,&#8221; where hackers can infinitely access and illegally withdraw funds from wallets, draining them as a result. Once a wallet has been compromised, it can be drained without the user&#8217;s knowledge since the compromised code already permits the hacker to move funds. Aware of this risk, Uniswap Labs is introducing the open-source Permit2 as a solution. The tool, the DEX developer says, will give users more protection and, more importantly, control over digital assets. A key feature of Permit2 is that users can set time limits on token approvals. Third parties can only access funds within a specific period in this arrangement.\u00a0 Additionally, the tool introduces a reusable token approval for simplicity. With this feature, end users don&#8217;t have to repeatedly grant access to their funds for each transaction. On the gas-saving fronts, Uniswap Labs say Permit2 also utilizes signature-based approvals and transfers. This means the tool can reduce gas fees when users transfer tokens. Uniswap Building, UNI Remains Under Pressure This enhancement precedes the upcoming release of Uniswap v4, which introduces Hooks. This new feature provides developers with more flexibility and control over their applications. Related Reading: Why Is Bitcoin Price Trading Sideways? 3 Key Factors Analysts say the launch of Uniswap v4 and Uniswap Labs&#8217; continuous enhancement to improve security might cement the DEX&#8217;s position. According to DeFiLlama data, Uniswap has managed over $4.4 billion worth of assets. Even so, UNI prices continue to struggle.\u00a0 Looking at the daily chart, UNI has resistance at around $8.1 and is currently down roughly 20% from December highs. Sharp losses below $6 might trigger a sell-off, forcing the token towards $4.5 or lower.\u00a0 Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":570174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83446],"tags":[54512,91221,16218,82849,80532,89664,87723,89667,82852],"class_list":["post-570172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uniswap","tag-defi","tag-hooks","tag-maker","tag-uni","tag-uniswap","tag-uniswap-labs","tag-uniswap-price","tag-uniswap-v4","tag-uniusdt"],"acf":[],"yoast_head":"\n<title>Uniswap Unveils New Security Feature: Will It Boost UNI Demand?<\/title>\n<meta name=\"description\" content=\"Uniswap Labs, the developer of the decentralized exchange (DEX) Uniswap, has introduced a new security feature 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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