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 to see a large list of projects built on the Uniswap v3.
Uniswap is a top decentralized exchange; UNI is the portal’s native token.
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, and over 42m voted in favor of the integration at the end of the voting period on April 14.
The integration will see a large list of projects built on Uniswap v3. The author of the proposal, Jack Melnik of Polygon Labs, said 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 was considered among the projects to watch in web3 this year. The network was developed to offer scalability solutions for decentralized apps (dapps) on Ethereum.
The recent governance proposal to merge Uniswap’s v3 and Polygon’s zkEVM v3 has highlighted the partnership’s potential advantages and disadvantages.
The benefits of creating transparent smart contracts were stressed in the proposal, especially the tools offered by Ethereum’s layer-2.
Polygon already declared the success of their zkEVM Beta. It revealed that more than 50 projects were interested in partnering with it, including Uniswap.
The proposal also recognizes that there could be dangers in the integration, even if a continuous evaluation process tries to reduce vulnerabilities. The idea raises the prospect of unanticipated vectors that influence the integration.
However, Polygon emphasized that the danger would be addressed by its progressive deployment of liquidity, and the issue would be resolved before Mainnet.
Uniswap’s total value locked (TVL) has increased for most of the decentralized finance (DeFi) sector. The TVL counts the assets that are secured by a smart contract protocol.
Uniswap’s TVL was $4.39b, up 8.33% over the previous week, according to the DeFiLlama. This showed that consumers added more money to the various chains covered by Uniswap.
In the past 24 hours, the cost of UNI, the native token of Uniswap, has primarily stayed steady and is currently trading at $6.26, according to CoinMarketCap. The price, however, rose by 4.74% over the last week.
7-Day UNI Price Chart| Source: CoinMarketCap
The trading volume of UNI considerably reduced over the same period, which suggests that fewer tokens have been used in transactions than in previous weeks.