Uniswap, the fifth-largest decentralized finance protocol by total value locked (TVL), is expected to soon deploy its V3 on Polygon zkEVM, Polygon’s zkRollups-based scalability solution (MATIC). This news offers many advantages for Uniswap, which will thus become the second leading protocol to land on Polygon zkEVM, after Aave.
DeFi Uniswap V3 protocol expected on Polygon zkEVM
Uniswap, the 5th largest decentralized finance (DeFi) protocol by total value locked (TVL), should arrive soon on Polygon zkEVMPolygon’s scalability solution (MATIC) based on zkRollups (zero-knowledge rollups) technology and compatible with the Ethereum Virtual Machine (EVM).
Effectively, a proposal from Polygon Labs has been introduced on the Uniswap governance forum aimed at taking the temperature with the protocol community. The proposal was therefore very favorably received, since it received 100% favorable votes deployment of Uniswap on the Polygon zkEVM solution.
Unanimous Uniswap DAO Voting Results
194 different addresses took part in the vote, with a large dominance of voices from the Gauntlet platform and ConsenSys, the parent company of the MetaMask wallet. The 2 entities alone cumulate more than 14.5 million votes out of the 42.4 million listed on the proposal.
According to said proposal, the arrival of Uniswap V3 on Polygon zKEVM would allow the protocol to access a prominent place in the young ecosystem of zkEVM solutions:
“There is significant value in having Uniswap available on an EVM-enabled ZK rollup. An early rollout on zkEVM helps cement Uniswap’s place as the premier DEX and thought leader. […] More importantly, it will increase the list of projects that can be built on Uniswap V3. Moreover, given the community and user enthusiasm for Uniswap on Polygon PoS, it is only natural to make its deployment on Polygon zkEVM a priority. »
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zkEVMs, still innovative solutions
The DeFi Uniswap protocol is already present on the Polygon sidechain, but its arrival on layer 2 zkEVM has many advantages. Remember that zkEVMs combine the efficiency of zkRollups with the Ethereum Virtual Machine, which offers developers an extremely simplified solution for their applications and smart contracts.
In other words, any smart contract built for Ethereum is also compatible with zkEVM networks. This allows for great interoperabilitybut also to combine the advantages of a layer 2 (speed, low costs) with the security of the native blockchain, namely Ethereum.
Currently, Polygon zkEVM is neck and neck with zkSync Era in the race for zkEVM solutionsalthough zkSync Era is currently seeing $243 million in total value locked (TVL) compared to “only” Polygon zkEVM’s $3.83 million.
Uniswap is the second leading DeFi protocol to land on Polygon zkEVM, the Aave protocol will soon do the same following a very favorable vote from its DAO to this effect.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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