According to Blockworks, the Uniswap Foundation announced in a tweet that the highly anticipated Uniswap v4 is likely to be launched in Q3 of 2022. The draft code for Uniswap v4 was first revealed in June last year, introducing the concept of "hooks." Hooks address the rigidity of traditional smart contracts by allowing developers to inject custom logic at specific points, enabling dynamic adjustments and diverse use cases. This could result in potentially lower fees, better strategies for managing assets, and access to new features like instant swaps for users.
Following Ethereum's Dencun upgrade, which is expected to occur in March 2024, multiple Ethereum Improvement Proposals (EIPs) will also go live, including EIP 4788, EIP-1153, and EIP-4844. EIP-1153, which enables transient storage, is particularly relevant to Uniswap v4. According to a research paper by Blockworks Research Analyst 0xpibblez, EIP-1153 will allow developers to optimize smart contracts for more complex functionality.
Uniswap v4 will store all assets in a singleton contract and rely on transient storage for "flash accounting," significantly reducing gas fees associated with swaps. EIP-1153 also expands the design landscape for Uni v4 hooks, allowing different functions to be integrated at points within a liquidity pool's life cycle with low gas costs. To ensure a smooth launch, the Uniswap Foundation stated that v4's code "should be the most rigorously audited code ever deployed on Ethereum." Uniswap developers have currently frozen the v4 code and are working on security improvements and finalizing and testing its applicability. A comprehensive audit will be conducted following an internal review in partnership with various Web3 audit firms, and a community audit contest will also be held.
