Uniswap approves proposal to launch V3 on Polygon zkEVM. Uniswap v3 is already available on multiple EVM-compatible chains.
- Polygon, a scaling solution provider, is set to unveil a new zkEVM roll-up solution for Uniswap.
- Uniswap v3 is already accessible on several EVM-compatible chains, including Ethereum, BNB Chain, and Layer 2s such as Optimism and Arbitrum.
Uniswap V3 is a decentralized exchange (DEX) protocol that allows users to swap tokens and is one of the Ethereum ecosystem’s most extensively used decentralized finance (DeFi) apps.
The Uniswap DAO voted in support of establishing Uniswap’s version 3 (or v3) decentralized exchange on Polygon zkEVM, a new ZK-Rollup solution compatible with the Ethereum environment.
This step extends the reach of popular Ethereum apps to the new wave of ZK-Rollups that have just started, indicating that Ethereum’s ability to provide its core functionalities at scale is improving.
Polygon Labs, the core team behind the Polygon zkEVM, initiated the proposal, which was supported by over 42.4 million votes. The proposal was supported by a total of 191 Ethereum addresses that voted.
Polygon business development lead Jack Melnick, the proposal’s author, stated that now is the perfect time to make Uniswap v3 available on Polygon’s zkEVM because it is EVM equivalent. He said:
“There’s significant value in Uniswap being available on an EVM-compatible ZK rollup.” Deploying early on zkEVM helps solidify Uniswap’s place as the number one DEX and a thought leader.”
Melnick added that the integration will offer off-chain transactions with validation and fast finality. In addition, the high level of adoption that Polygon has managed to harness makes integrating on Polygon’s zkEVM a priority, he said.
Melnick referred to several critical on-chain metrics as indicators of whether this deployment will boom or bust. He said,
“A successful zkEVM deployment will in an organic and sustained manner grow Uniswap’s Total Addressable Market across total value locked, unique interacting wallet, volumes, and integration with partner DApps.”
He further stated that as the demand for zk blockchains and proximity to Ethereum rises, users and builders will increasingly look to zkEVM solutions to build and trade.
The proposed deployment of Uniswap v3 on Polygon’s zkEVM will allow users to use the decentralized exchange from Polygon’s Layer 2 network. Already, Uniswap v3 is available on some EVM-compatible chains, like Ethereum and BNB Chain, amongst others.