The Uniswap Community Supports Proposal for Uniswap Launch on Polygon zkEVM
The Uniswap community has fully supported a proposal to deploy the exchange’s protocol to the Polygon Zero Knowledge Ethereum Virtual Machine rollup (zkEVM).
All participating UNI token holders unanimously voted on the proposal, paving the way for a large list of projects to be built on Uniswap v3.
Uniswap v3 to Feature Polygon’s zkEVM
All 191 UNI holders voted to pass the proposal to deploy Uniswap’s protocol on scaling solution provider Polygon’s zkEVM rollup. The votes surpassed the 40m threshold, with over 42m votes in favor of the integration at the end of the voting period on April 14.
The integration will enable a wide range of projects to be built on Uniswap v3. Jack Melnik of Polygon Labs, the author of the proposal, stated that the launch would provide validation and fast finality for off-chain transactions.
Polygon zkEVM Promises Success
The Polygon zkEVM was launched in March 2023 and has emerged as one of the key projects in the web3 ecosystem this year. It was developed to offer scalability solutions for decentralized apps (dapps) on Ethereum.
The recent governance proposal to merge Uniswap v3 and Polygon’s zkEVM v3 has highlighted the potential advantages and disadvantages of this partnership.
The proposal emphasizes the benefits of creating transparent smart contracts, particularly the tools offered by Ethereum’s layer-2.
Polygon has already declared the success of their zkEVM Beta, which attracted interest from over 50 projects, including Uniswap.
The proposal also acknowledges the potential risks associated with the integration, although a continuous evaluation process is in place to reduce vulnerabilities. Unforeseen factors that may influence the integration are also taken into consideration.
However, Polygon assures that any risks will be addressed through a progressive deployment of liquidity, and any issues will be resolved before the Mainnet launch.
Uniswap’s Total Value Locked (TVL) and UNI Token Performance
Uniswap’s total value locked (TVL), which represents the assets secured by the protocol’s smart contracts, has increased for most of the decentralized finance (DeFi) sector. According to DeFiLlama, Uniswap’s TVL was $4.39 billion, marking an 8.33% increase over the previous week.
In the past 24 hours, the price of UNI, Uniswap’s native token, has remained relatively stable, currently trading at $6.26 according to CoinMarketCap. However, the price has increased by 4.74% over the last week.
The trading volume of UNI has decreased over the same period, indicating fewer tokens being used in transactions compared to previous weeks.