The protocol’s activity declined while the upcoming v4 launch promised to revitalize interest.recently released its cross-chain bridge assessment report by the Uniswap Foundation, which may have notable repercussions on the protocol.Cross-chain messaging protocols, also known as bridges, play a crucial role in facilitating communication between different blockchain networks.
This is vital, considering that the aforementioned V3 contracts exist on multiple chains, necessitating a mechanism to propagate governance decisions across these networks.The committee responsible for overseeing Uniswap’s governance recently approved specific use cases for Wormhole and Axelar. The committee acknowledged Wormhole’s reputable validator set and satisfactory security thresholds.
However, other protocols such as LayerZero, Celer, DeBridge, and Multichain did not meet the required standards at present.Despite the ongoing developments, the network’s overall activity fell by 20.4% over the past month. According to data from Token Terminal, Uniswap’s declining activity led to a 59.8% decrease in network fees.