Uniswap, the fifth largest protocol in decentralized finance in terms of total locked-in value (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 in terms of total locked value (TVL), is expected to arrive soon on Polygon zkEVM, Polygon’s scalability solution (MATIC) based on zkRollups (zero-knowledge rollups) technology and compatible with the Ethereum Virtual Machine (EVM).
Indeed, a proposal from Polygon Labs was introduced on the Uniswap governance forum to take the temperature of the protocol community. The proposal was very well received, since it received 100% of votes in favor of the deployment of Uniswap on the Polygon zkEVM solution.
Uniswap CAD vote results unanimous
194 different addresses participated in the vote, with a large dominance of the votes of 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 votes counted on the proposal.
According to the proposal, the arrival of Uniswap V3 on Polygon zKEVM would allow the protocol to take a leading position in the young ecosystem of zkEVM solutions:
” There is significant value in Uniswap being available on an EVM-capable ZK rollup. An early deployment on zkEVM helps solidify Uniswap’s place as a premier DEX and thought leader. […] More importantly, it will increase the list of projects that can be built on Uniswap V3. Additionally, given the community and user excitement for Uniswap on Polygon PoS, it is only natural to make its deployment on Polygon zkEVM a priority. “
ZkEVMs, still innovative solutions
The DeFi Uniswap protocol is already present on the Polygon sidechain, but its arrival on the layer 2 zkEVM has many advantages. As a reminder, zkEVMs combine the efficiency of zkRollups with the Ethereum Virtual Machine, offering 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 interoperability, but also combines the advantages of a layer 2 (speed, low cost) with the security of the native blockchain, namely Ethereum.
Currently, Polygon zkEVM is neck and neck with zkSync Era in the race of zkEVM solutions, although zkSync Era currently observes $243 million in total locked value (TVL) compared to “only” $3.83 million for Polygon zkEVM.
Uniswap is the second leading DeFi protocol to land on Polygon zkEVM, with the Aave protocol soon to do the same following a very favorable vote by its DAO to do so.
