The popular cryptocurrency exchange Uniswap is set to launch on Moonbeam, a parachain of the Polkadot network. The proposal to bring Uniswap to Moonbeam was approved on May 17, receiving overwhelming support from the community. Only a single UNI token voted against the proposal. The initiative was led by the educational group Blockchain at Michigan.
The technical deployment of the proposal will be handled by GFX Labs, while Warmhole has been chosen as the cross-chain messaging solution to act as the bridge provider. Michigan Blockchain sponsored the Uniswap V3 proposal and administered the on-chain votes due to its ownership of over 2.5 million UNI tokens.
Uniswap V3’s presence on the Polkadot ecosystem brings numerous advantages to blockchain’s widespread adoption. Polkadot’s multi-chain capabilities enhance DeFi ecosystems and boost liquidity on the Uniswap network.
Polkadot consists of interconnected blockchain networks called “parachains” that share security through the Polkadot relay chain. Moonbeam, a parachain on Polkadot, aims to provide a developer-friendly environment similar to Ethereum. Its objective is to simplify the process of migrating Ethereum applications to the Polkadot ecosystem.
Uniswap, the world’s largest DEX, exceeds $480 million in daily trading volumes, according to CoinMarketCap. It has expanded beyond Ethereum, launching on BNB Chain and Polygon zkEVm. The introduction of an iOS app simplifies user onboarding. In Q2, Uniswap V3 claimed a dominant market share, capturing 50.3% of the total DEX volume, as reported by CCData.
