In Brief:
- Uniswap V3 has been deployed on Polygon.
- 99.3% of Uniswap members voted in favor of the launch, receiving 72M votes.
- The launch will enable Uniswap users to swap tokens using the Polygon blockchain through Uniswap’s official interface.
Uniswap V3 has successfully launched on Polygon, an Ethereum Layer-2 scaling platform.
The news comes about a month after Polygon co-founder Mihailo Bjelic proposed to Uniswap to deploy Uniswap V3 on Polygon.
On Dec. 18, 99.3 percent of Uniswap members voted to approve the proposal. The proposal received 72 million votes in favor, with around 500,000 votes against it.
Polygon co-founder Mihailo Bjelic, stated, “With this deployment, Uniswap as the flagship Ethereum project returns back to the original promise and again offers low fees and open access to everyone.”
Uniswap is the market’s largest decentralized exchange, with over $600 billion in trade volumes on its v2 and v3 platforms so far this year.
The high gas charge is a big concern for DEX platforms like Uniswap, which run on the Ethereum blockchain.
Launching on the Layer-2 platform like Polygon will alleviate the pain of high gas fees for Uniswap users.
Furthermore, the launch on Polygon means that Uniswap (UNI) users can swap tokens using the Polygon blockchain through Uniswap’s official interface.
Holders of Polygon’s native cryptocurrency MATIC will benefit from the launch as well.
The MATIC token will be used to vote on governance issues as well as to pay the transaction fee.
The price of UNI and MATIC has risen as a result of the announcement. The price of UNI has risen 10% in the last 24 hours and is now trading at $16.73. Polygon’s MATIC, on the other hand, soared to a record all-time high of $2.66. The value is $2.59 at the time of writing.
