Uniswap Deploys on Polygon – Crypto Briefing

Key Takeaways

The fashionable decentralized change Uniswap has been deployed on Polygon, a Layer 2 community for Ethereum.
The proposal handed 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 excessive of $2.66 at this time.

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Uniswap, certainly one of Ethereum’s largest decentralized exchanges, has been deployed on Polygon.

Uniswap Now On Polygon

Uniswap, one of many largest decentralized exchanges on Ethereum, has launched on Polygon.

Polygon founder Mihailo Bjelic famous at this time that Polygon has the “second strongest DeFi ecosystem” after Ethereum itself. “Polygon has been exponentially growing by pretty much all important metrics,” he noticed, including that Polygon boasts 126 million customers, 1.22 billion transactions, and $5.2 billion in locked worth.

In his authentic Uniswap proposal, Bjelic additionally mentioned that Polygon is “aligned with Ethereum and its values” and “battle-tested.” He famous advantages together with potential financial savings for customers and mentioned that Polygon may help “return to the original DeFi vision.”

Bjelic additionally mentioned that Uniswap might incentivize adoption and can commit as much as $20 million towards that finish. That quantity consists of $15 million particularly for liquidity mining rewards.

Uniswap holders voted to move the proposal on Dec. 18 with 99.3% help. 72 million votes had been in favor of the proposal, whereas about 500,000 votes had been against the proposal.

Ethereum Dominates Uniswap Deposits

Ethereum has traditionally been tormented by excessive charges and lengthy transaction instances. Though Ethereum 2.0 goals to resolve these points sooner or later, Polygon, as a Layer 2 community, can offload a few of these transactions within the meantime.

Despite its points, Ethereum nonetheless dominates Uniswap deposits and accounts for $4.3 billion in locked worth. Other Layer 2 networks on which Uniswap has been deployed have attracted considerably much less—Arbitrum and Optimism have solely introduced in $62.3 million and $36.9 million in locked funds, respectively.

Uniswap’s Polygon model presently has attracted only a fraction of these quantities, with $2.9 million locked. It appears doubtless that this quantity will develop within the coming days and weeks.

Polygon Gains Popularity

Today’s information arrives simply as internet browser agency Opera introduced that it’s going to help decentralized functions on Polygon.

It additionally comes days after Reddit co-founder Alexis Ohanian’s VC agency introduced a $200 million fund for social media and Web3 growth, which shall be supplied at the side of Polygon.

Polygon’s MATIC token is presently the 14th largest cryptocurrency, boasting an $18 billion market cap. News of the Polygon launch correlated with MATIC costs reaching an all-time excessive at this time of $2.66.

Disclosure: At the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies. 

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