Uniswap Labs, the entity behind decentralized exchange Uniswap, on Nov. 17 launched two new smart contracts. One increases token swap flexibility and the other aggregates ERC-20 and NFT swaps.
The first, Permit2, is a token approval contract. Uniswap says it will lower transaction costs and improve smart contract security. The contract uses an approve method that was first defined in the EIP-20 token standard.
The smart contract allows for universal permits for any token, so users no longer have to send an approval transaction each time they use a new application. The contract will also facilitate time bound and batched token approvals.
The second smart contract, Universal Router, lumps together ERC-20 and NFT trades into a gas-optimized router. The smart contract lets users swap multiple tokens on Uniswap and buy NFTs across marketplaces in a single transaction.
Uniswap is offering users a $3 million bounty for identifying any bugs in the contracts’ code.
The product launch comes at a hard time for the crypto industry, with the contagion associated with FTX’s collapse seeping through to decentralized platforms. The Total Value Locked (TVL) in DeFi platforms is down 23% since the start of the month, when it exceeded $55 billion.