Uniswap Community Gives Go-Ahead For Polygon zkEVM-V3 Integration


As part of its efforts to onboard many users on the ZKEVM, Polygon secured Uniswap’s support. The AMM’s TVL crossed $4 billion as deposits into the ecosystem increased.

Key Points

  • The Uniswap community agreed to Polygon’s proposal for its zkEVM launch. 
  • No DEX has been able to capture Uniswap’s dominance in trading volume. 
Source: Snapshot via Uniswap

The suggestion, which was brought forward by Jack Melnik of Polygon Labs, centered the launch around the zkEVM’s validation and off-chain transaction computation. 

Early on the trend despite a mild threat

It further noted that the Ethereum [ETH] L2 possession of tools capable of creating transparent smart contracts deployment could favor the Uniswap ecosystem. Defending its position as to why this is the right time for such a partnership, the proposal read: 

“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”

A few weeks back, Polygon announced the success of its zkEVM Beta. And at that time, the web3 project had announced that over 50 projects were in line to partner with it. Thus, the Uniswap addition means that it was likely that Polygon was experiencing growth in this area.

Stay in the know on crypto by frequently visiting Crypto News Today

Meanwhile, the proposal did not fail to highlight some of the risks associated with the integration. Although it noted that there was an ongoing process to evaluate vulnerabilities, the few risks mentioned include unforeseen vectors. 

The DEX crown remains a herculean task to take off

But Polygon pointed out that its gradual liquidity deployment would address the risk. And added that it would be solved before Mainnet. However, the decentralized trading protocol, like most in the DeFi sector, has experienced an increase in Total Value Locked (TVL).

Source: DeFi Llama

The TVL measures the number of assets locked in a smart contract protocol. According to the DeFi Llama, the Uniswap TVL was $4.39 billion, gaining 8.33% in the last seven days. This affirmed that users have deposited more funds into the several chains under Uniswap.

In terms of the price, UNI has not necessarily improved in the last 24 hours. But in the last seven days, the token value has increased by 4.74%. In addition, the UNI trading volume decreased significantly within the same period.

Token Terminal

This implies that fewer tokens have been involved in transactions when compared to the previous. Regardless, the Automated Market Maker (AMM) remained dominant over other DEXes per trading volume. According to Token Terminal, the Uniswap market share was $2.42 billion as of 14 April.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at AMBCRYPTO

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like