Summary:
- The DAO governing Uniswap approved a proposal to launch the platform’s third iteration exchange on Polygon’s zero knowledge Ethereum Virtual Machine or zkEVM.
- Polygon Labs submitted the proposal, gathering 42.4 million votes in support with zero opposition.
- The move comes after Ethereum’s leading lender Aave passed a temperature-check governance vote to deploy its service on Polygon’s newly launched zk mainnet.
The decentralized autonomous organization (DAO) governing Uniswap approved a proposal to launch the platform’s third iteration exchange on Polygon’s zero knowledge Ethereum Virtual Machine or zkEVM.
Uniswap V3 On Polygon zkEVM Mainnet
Polygon Labs, the minds behind Polygon’s new ZK-rollup network that’s compatible with Ethereum’s ecosystem, submitted the proposal. All 42.4 million votes cast backed the proposal with zero opposition.
The decentralized crypto exchange will launch alongside 50 other projects lined up to roll out on Polygon’s zkEVM solution. “it’s only natural to make its deployment on Polygon zkEVM a priority”, Polygon Labs cited as motivation for the proposal.
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.
Uniswap V3 already lives on several EVM-compatible blockchains like BNB chain. The leading Ethereum DEX also runs on Layer 2 sidechains like Arbitrum and Optimism.
zkEVM Expansion Narrative Steams Up
Indeed, the migration of flagship decentralized applications or dapps indicates increased confidence in Ethereum’s capacity to scale its features, particularly through zk technology. Leading DeFi lender on Ethereum, Aave, proposed launching its V3 platform on Polygon zkEVM. The proposal passed a temperature check vote with flying colors, garnering the support of community members.
The race could intensify between developers of zero-knowledge solutions as dapps pick their preferred Ethereum-based environment for expansion plans. Competition already exists between Polygon and another developer, zkSync. Both entities released their zkEVM tools in March.
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The Uniswap community is growing rapidly and has recently proposed to launch Version 3 (V3) of its decentralized exchange (DEX) on Polygon’s Layer 2 solution, zkEVM.
The Uniswap team has been focused on launching an optimized version of its protocol, Version 2 (V2), as well as exploring many opportunities such as migrating its platform to Layer 2. Version 3 (V3) of the decentralized exchange (DEX) is designed to unlock superior gas and liquidity cost savings, as well as tackling challenges traditionally encountered on the Ethereum mainnet.
The latest version of Uniswap’s DEX will be the first Ethereum-compatible DEX targeting Layer 2. It promises to bring efficient, secure and seamless use for both users and developers. By leveraging the unique aspects of Polygon’s zkEVM, Uniswap put forth multiple benefits offered by the V3 DEX. It will enable users to deposit/withdraw assets at unprecedented speeds with substantially lower fees, as well as providing developers with an unprecedented level of interactivity.
Uniswap’s ambition to migrate its DEX to Layer 2 with full gas and cost savings is being praised by those familiar with the industry. As decentralized finance (DeFi) grows and the Ethereum mainnet continues to be strained by blockchain scalability issues, the proposal signal’s Uniswap’s commitment to remain competitive and stay at the forefront of Layer 2 adoption. Through this partnership, Uniswap hopes to provide a superior user experience with increased speeds, lower gas and liquidity costs.
This innovative development is helping to further the growth of Uniswap as a prime contender in the blockchain-based token exchange industry. The community behind this proposal is also gaining major traction and momentum with others looking to capitalize on the advantages of Layer 2 solutions. As Uniswap looks to continue its success in the arena with Version 3 of its DEX, only time can tell if the partnership between Uniswap and Polygon will help propel the DEX platform to even greater heights.
