- Uniswap V3 has gone live on the Polygon zkEVM protocol.
- The deployment showcases the power of the Uniswap governance system.
Uniswap (UNI), the first and biggest Decentralized Exchange (DEX) and Automated Market Maker (AMM) has deployed its most modern trading engine Uniswap V3 on the Polygon zkEVM protocol. The deployment of Uniswap V3 is considered a top priority for the decentralized trading engine.
Uniswap put out a voting system for the plan to float the DEX on zkEVM and at the time of writing, the votes had a total of 42,447,973 votes in support of the move.
This current vote cast is way more than the 40 million tokens needed for the proposal to pass. The proposal’s description was given by Polygon Business Development Lead Jack Melnick and he noted that the EVM status of both the Layer-2 scaling outfit and Uniswap protocols makes the whole merger the ideal thing to do for now.
“We propose to authorize Polygon Labs to deploy Uniswap’s protocol to the Polygon Zero Knowledge Ethereum Virtual Machine rollup known as “zkEVM” on behalf of the community,” Melnick wrote in the proposal’s overview, “We believe this is the right moment for Uniswap v3 to deploy on Polygon zkEVM, for several major reasons.”
Part of the reasons highlighted includes the highly functional Layer-2 scalability solution that the zkEVM embodies. The launch of the new scalability engine was tagged as one of the biggest innovations for the Polygon protocol to date. In fact, the first transaction on the Polygon zkEVM was signed by Vitalik Buterin, the co-founder and the prominent face of the Ethereum blockchain.
The deployment of Uniswap on Polygon zkEVM is considered one of the major governance milestones that will be mutually beneficial to both protocols. While Uniswap will significantly expand its addressable market, Polygon will have one of the most versatile DEXs operating on its system.
Polygon to Carve a Bullish Future for Uniswap
The launch of the Uniswap V3 on Polygon zkEVM has a lot of futuristic upsides for decentralized exchange beyond. As zk-rollups are considered the next iteration for Ethereum scaling, there is a lot of hype around the layer-2 version at this time.
According to Melnick, Uniswap is bound to benefit from the numerous projects that are set to launch on the zkEVM platform thus providing an easy exchange for them to list on. The first-mover advantage is also one thing that will benefit Uniswap in the long term.
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“There’s significant value in Uniswap being available on an EVM compatible ZK rollup. Deploying early on zkEVM helps solidify Uniswap’s place as the number one DEX and a thought leader,” Melnick wrote as part of the project’s motivation, “Importantly, it will help grow a large list of projects that can be built on Uniswap V3. Additionally, given the community and user uptake, Uniswap has seen on Polygon PoS, it’s only natural to make its deployment on Polygon zkEVM a priority.”
Following the passage of the votes, the proposal has now been executed on the zkEVM protocol.
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