The popular decentralized exchange Uniswap has been deployed on Polygon, a Layer 2 network for Ethereum.
The proposal passed with over 99% of the vote, and $2.4 million has already been locked in Uniswap’s Polygon deployment.
Polygon’s MATIC token hit an all-time high of $2.66 today.
Share this article
Uniswap, one of Ethereum’s largest decentralized exchanges, has been deployed on Polygon.
Uniswap Now On Polygon
Uniswap, one of the largest decentralized exchanges on Ethereum, has launched on Polygon.
Polygon founder Mihailo Bjelic noted today that Polygon has the “second strongest DeFi ecosystem” after Ethereum itself. “Polygon has been exponentially growing by pretty much all important metrics,” he observed, adding that Polygon boasts 126 million users, 1.22 billion transactions, and $5.2 billion in locked value.
In his original Uniswap proposal, Bjelic also said that Polygon is “aligned with Ethereum and its values” and “battle-tested.” He noted benefits including possible savings for users and said that Polygon can help “return to the original DeFi vision.”
Bjelic also said that Uniswap may incentivize adoption and will commit up to $20 million toward that end. That amount includes $15 million specifically for liquidity mining rewards.
Uniswap holders voted to pass the proposal on Dec. 18 with 99.3% support. 72 million votes were in favor of the proposal, while about 500,000 votes were opposed to the proposal.
Ethereum Dominates Uniswap Deposits
Ethereum has historically been plagued by high fees and long transaction times. Though Ethereum 2.0 aims to solve those issues in the future, Polygon, as a Layer 2 network, can offload some of those transactions in the meantime.
Despite its issues, Ethereum nevertheless dominates Uniswap deposits and accounts for $4.3 billion in locked value. Other Layer 2 networks on which Uniswap has been deployed have attracted significantly less—Arbitrum and Optimism have only brought in $62.3 million and $36.9 million in locked funds, respectively.
Uniswap’s Polygon version currently has attracted just a fraction of those amounts, with $2.9 million locked. It seems likely that this amount will grow in the coming days and weeks.
Polygon Gains Popularity
Today’s news arrives just as web browser firm Opera announced that it will support decentralized applications on Polygon.
It also comes days after Reddit co-founder Alexis Ohanian’s VC firm announced a $200 million fund for social media and Web3 development, which will be offered in conjunction with Polygon.
Polygon’s MATIC token is currently the 14th largest cryptocurrency, boasting an $18 billion market cap. News of the Polygon launch correlated with MATIC prices reaching an all-time high today of $2.66.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
What Is Uniswap? Introduction to UNI Token
Uniswap is a decentralized exchange (DEX). It allows users to swap various Ethereum-based ERC-20 tokens from a simple web interface, as shown in the image below. Uniswap is currently the…
SushiSwap Now Live on Fantom, Polygon, xDai, Binance, Moonbeam
One of Ethereum’s most popular decentralized exchanges is “going multichain.” SushiSwap Expands SushiSwap has launched on a host of new blockchain protocols. The decentralized exchange, which launched on Ethereum last…
A Guide to Yield Farming, Staking, and Liquidity Mining
Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…
Uniswap to Launch on Layer 2 Solution Arbitrum
A proposal for Uniswap to deploy on Arbitrum has received immense support on the protocol’s governance forums this week. Following the vote, Uniswap will deploy its V3 contracts on the…
Be the first to comment