The Uniswap Community Supports Proposal for Launching on Polygon zkEVM
The Uniswap community has unanimously supported a proposal to deploy the exchange’s protocol to the Polygon Zero Knowledge Ethereum Virtual Machine rollup (zkEVM). All 191 UNI token holders participated in the vote, surpassing the 40m threshold, with over 42m votes in favor of the integration at the end of the voting period on April 14.
The integration of Uniswap v3 with Polygon’s zkEVM rollup will enable a large list of projects to be built on Uniswap v3, providing validation and fast finality for off-chain transactions, as highlighted by the proposal’s author, Jack Melnik of Polygon Labs.
Polygon zkEVM Promises Success
The Polygon zkEVM, launched in March 2023, has been considered one of the projects to watch in web3 this year. It offers scalability solutions for decentralized apps (dapps) on Ethereum, and has already gained interest from more than 50 projects, including Uniswap, as declared by Polygon.
The proposal acknowledges potential risks in the integration, but emphasizes that a continuous evaluation process will be in place to reduce vulnerabilities. Polygon’s progressive deployment of liquidity will address any risks, and the issue will be resolved before Mainnet, according to Polygon.
Uniswap’s Total Value Locked (TVL) Increases
Uniswap’s total value locked (TVL) has increased, reflecting its growing dominance in the decentralized finance (DeFi) sector. The TVL, which counts the assets secured by the smart contract protocol, was $4.39b, up 8.33% over the previous week, as reported by DeFiLlama. This indicates that more assets have been added to the various chains covered by Uniswap.
UNI Token Price and Trading Volume
In the past 24 hours, the price of UNI, the native token of Uniswap, has remained relatively steady, currently trading at $6.26, according to CoinMarketCap. However, the price has risen by 4.74% over the last week. The trading volume of UNI has decreased during the same period, suggesting a lower number of tokens used in transactions compared to previous weeks.