Although the cryptocurrency market continues to trade under pressure, some important developments continue to happen in the crypto ecosystem. On Wednesday, December 22, decentralized exchange protocol Uniswap went live on Polygon, the Ethereum Layer-2 scaling solution.
The development comes a month after Polygon co-founder Mihailo Bjelic submitted a proposal to Uniswap to launch the Uniswap version 3 on Polygon. the Uniswap community had also voted in big numbers to accept the proposal with a staggering 72 million token holders supporting the move. commenting on the development, Polygon co-founder Mihailo Bjelic said:
With this deployment, Uniswap as the flagship Ethereum project returns back to the original promise and again offers low fees and open access to everyone.
Polygon’s DeFi ecosystem is the second strongest one in the industry, right after Ethereum L1. Uniswap will be a major addition to this flourishing ecosystem, given that it is an important and often used building block (aka money lego) in many modular DeFi implementations.
DeFi blockchain-based tools conduct the active tasks of lending, borrowing, and trading. However, DEX platforms like Uniswap, which operate on the Ethereum blockchain- face a major issue of the high gas fee.
Launching on the Layer-2 platform like Polygon will alleviate the pain of high gas fee for Uniswap users. Furthermore, the launch on Polygon means that Uniswap (UNI) users can swap tokens using the Polygon blockchain through Uniswap’s official interface.
Uniswap is one of the largest DEX’s facilitating over $600 billion in trading volumes during this year. The deployment also holds good news for the holders of Polygon’s native cryptocurrency MATIC. Users will use the MATIC token to vote on governance issues as well as for paying for the transaction fee.
Following the announcement, the price of UNI and MATIC have surged respectively. Uniswap’s (UNI) price has surged 10% in the last 24 hours and is currently trading at $16.73. On the other hand, Polygon’s MATIC has touched a new all-time high of $2.70.
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