The Uniswap (UNI) community, the leading decentralized exchange by transaction volume, has approved the integration of the v3 protocol into the Polygon (MATIC) network, the second-layer solution of the Ethereum blockchain.
“A vote”, Uniswap V3 lands on Polygon
The information was confirmed on the Twitter page of Uniswap Labs, the team in charge of the decentralized exchange of the same name. Following community approval, the third version of the protocol, Uniswap v3, is expected to be integrated into the Polygon (MATIC) network “in the next few days”.
The Uniswap community has voted to deploy v3 on @0xPolygon through the governance process.
⚡️ Uniswap Labs will deploy Uniswap v3 contracts within a few days.
Stay tuned. pic.twitter.com/LwVLwEngPl
– Uniswap Labs (@Uniswap) December 18, 2021
This motion was proposed for discussion by Mihailo Bjelic, co-founder of Polygon, on the Uniswap Governance blog. The Uniswap community was asked to give their opinion in the form of an on-chain vote, open from 20 November to 18 December 2021.
With an overwhelming majority of 99.3% out of more than 72 million participants, users of the decentralised exchange voted in favour of its integration into Polygon.
According to Bjelic, the time is right for Uniswap to deploy on Polygon. Among his arguments, he points to their position as “the second largest DeFi ecosystem, just behind Ethereum L1”. Most importantly, the network’s low transaction fees would “increase Uniswap’s business and attract new users. “
Polygon’s desire to facilitate DeFi on Ethereum
While several major projects such as Aave, Curve or Sushiswap have already deployed their smart contracts on Polygon, Bjelic previously explained that the ecosystem would not be complete until the “flagship project” (i.e. Uniswap) was deployed. This has now been done.
Note that this initiative should also be financially supported. The co-founder of Polygon says he is ready to commit up to 20 million dollars to encourage liquidity. With a negotiable breakdown, he foresees $15 million for the launch of a liquidity mining campaign and $5 million for a DAO focused on the global adoption of Uniswap on Polygon.
In 2021 alone, the Layer 2 network has hosted the deployment of over 2,500 decentralised applications. To further encourage this development, Polygon has launched a $200 million investment fund with the co-founder of Reddit. Its aim is to focus on Web 3.0 development, including social networking and blockchain gaming projects.
At the time of writing, Polygon is by far the most adopted scaling protocol in the Ethereum ecosystem. The network counts over 3,000 hosted applications, over 1 billion transactions processed, over 100 million unique user addresses and over $5 billion in secured assets.
