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According to a blog post from Camelot, an Arbitrum-based decentralized exchange (DEX), the platform will initiate the launch of a v2 upgrade starting this Saturday. The objective of this upgrade is to enhance the efficiency of the crypto trading platform and prioritize the user experience.

Camelot's founder, who goes by the pseudonym Myrddin, shared in the Discord channel that the upgrade will be released in three phases. The first phase will begin on Saturday, with Camelot launching a beta-stage automated market maker (AMM) based on the codebase of Algebra, a protocol focused on liquidity. The v2 upgrade is anticipated to bring major enhancements to the platform's infrastructure, such as the ability to adjust pool fees and support for rebasing tokens like stETH. This upgrade is a clear indication of Camelot's commitment to improving the user experience and increasing efficiency for crypto traders.

In the second stage, Camelot plans to revamp its user interface, while the final stage will introduce farms designed to provide concentrated liquidity.

Based on CoinGecko data, GRAIL, the native token of Camelot, has experienced a 3.7% rally over the past 24 hours. However, it remains down by 23.4% compared to last week. At the time of writing, GRAIL was trading at $2,363.15.

DefiLlama's data shows that Camelot is presently the sixth-largest protocol on Arbitrum, with more than $107.2 million in total value locked. Additionally, Camelot has announced that it intends to distribute its non-transferable governance token, xGRAIL, to participants who joined in the token's public sale. This distribution is scheduled to take place following the completion of the v2 upgrade.

“All contributions before Dec 1st 12am UTC will be eligible to receive ~25% bonus in $xGRAIL,” wrote Camelot on Twitter.

Source Coindesk