The Uniswap community fully supports the proposal to deploy the exchange protocol to the Polygon zero-knowledge Ethereum Virtual Machine rollup (zkEVM).
All participating UNI token holders voted unanimously in favor of proposals to build a multitude of projects on Uniswap v3.
Uniswap is the top decentralized exchange; UNI is the portal’s native token.
Uniswap v3 features Polygon’s zkEVM
All 191 UNI holders voted to approve a proposal to deploy the Uniswap protocol on scaling solutions provider Polygon’s ZkEVM rollup. At the end of the voting period on April 14, the vote count exceeded 40 million, with more than 42 million votes in favor of the integration.
The integration will see a slew of projects built on Uniswap v3. The proposal’s author, Jack Melnik of Polygon Labs, said the launch will provide verification and fast finality for off-chain transactions.
Polygon zkEVM is likely to succeed
Polygon zkEVM was launched in March 2023 and is considered one of the projects to watch in web3 this year. The network aims to provide a scalability solution for decentralized applications (dapps) on Ethereum.
The recent governance proposal to merge Uniswap’s v3 and Polygon’s zkEVM v3 highlights the potential advantages and disadvantages of a partnership.
The proposal highlights the benefits of creating transparent smart contracts, particularly the tools provided by Ethereum’s Layer 2.
Polygon has announced that their zkEVM Beta was a success. It revealed that over 50 projects, including Uniswap, were interested in working with it.
The proposal also acknowledges that hazards can exist in integration even if a continuous assessment process attempts to reduce vulnerabilities, an idea that raises the prospect of unexpected vectors that affect integration.
However, Polygon stressed that the danger will be addressed through the gradual deployment of liquidity and that the issue will be resolved before Mainnet.
As with most of the decentralized finance (DeFi) space, Uniswap has seen an increase in total value locked (TVL), which calculates assets protected by smart contract protocols.
According to DeFiLlama, Uniswap’s TVL is $4.39b, up 8.33% from the previous week, indicating that consumers are adding more money to the various chains covered by Uniswap.
The price of Uniswap’s native token, UNI, has remained largely stable over the past 24 hours, currently trading at $6.26, according to CoinMarketCap. However, the price has increased by 4.74% over the last week.
UNI’s trading volume has dropped significantly over the same period, suggesting that fewer tokens are being used in transactions than in previous weeks.
