Uniswap V3 is now deployed on the Polygon zkEVM due to Unanimous Approval of the Governance Proposal

On April 14th, it was reported on Tally’s voting page that the Uniswap governance proposal for deploying Uniswap V3 on Polygon zkEVM had ended with 100% approval.

The proposal to deploy Uniswap V3 on Polygon zkEVM has been approved

Table of Contents
1. Introduction
2. What is Uniswap?
3. What is Polygon zkEVM?
4. What is Uniswap V3?
5. The Governance Proposal for deploying Uniswap V3 on Polygon zkEVM
6. The Approval Process of the Governance Proposal
7. Advantages of Uniswap V3 on Polygon zkEVM
8. Disadvantages of Uniswap V3 on Polygon zkEVM
9. Conclusion
10. FAQs

Introduction

April 14th, 2021 brought exciting news for the Uniswap community as the long-awaited proposal for deploying Uniswap V3 on Polygon zkEVM was approved with 100 percent agreement on the Tally voting page. This development will significantly increase the liquidity of Uniswap V3 and will bring about various other benefits.

What is Uniswap?

Uniswap is a decentralized exchange for trading ERC-20 tokens on the Ethereum blockchain. It was launched in 2018, and its unique mechanism of ensuring liquidity on the platform has transformed the way people trade cryptocurrencies.

What is Polygon zkEVM?

Polygon (previously known as Matic) is a Layer 2 scaling solution designed to solve some of the scalability challenges faced by Ethereum. Its zkEVM solution is a variant of zero-knowledge rollups that patches some of the limitations faced by the original solution while preserving its core benefits such as improved scalability.

What is Uniswap V3?

Uniswap V3 is the latest version of the popular decentralized exchange platform, Uniswap. It offers a range of features, including concentrated liquidity, range orders, and non-fungible liquidity (NFT) positions.

The Governance Proposal for deploying Uniswap V3 on Polygon zkEVM

The proposal was submitted by the co-founder of leading decentralized finance (DeFi) protocol Curve Finance, Charlie Cheever. It suggested the deployment of Uniswap V3 on the Polygon zkEVM network to improve the liquidity of the platform and enhance the user experience.

The Approval Process of the Governance Proposal

The governance vote was conducted on the Tally voting page, which is a popular platform for conducting decentralized voting for proposals. Each vote represented one Uniswap governance token. The proposal was approved with a 100 percent positive vote on April 14th, 2021.

Advantages of Uniswap V3 on Polygon zkEVM

Deploying Uniswap V3 on the Polygon zkEVM network is expected to bring several advantages to the users of the platform. These include enhanced liquidity due to the scalability of Polygon and the ability to trade ERC-20 tokens at faster speeds and lower costs. Additionally, the deployment will enable users to earn higher yields on their investments.

Disadvantages of Uniswap V3 on Polygon zkEVM

Despite the many advantages of deploying Uniswap V3 on Polygon zkEVM, there are some disadvantages to consider. One such disadvantage is the need for users to be familiar with multiple platforms to access Uniswap V3. The deployment may also lead to a loss of liquidity on the Ethereum network, which could result in price fluctuations.

Conclusion

The deployment of Uniswap V3 on Polygon zkEVM via the unanimous approval of the governance proposal is a significant milestone for the Uniswap community. It will enable users to access enhanced liquidity, faster trading speeds, and lower costs.

FAQs

Q1. What is Uniswap V3?
A1. Uniswap V3 is the latest version of the popular decentralized exchange platform, Uniswap. It offers a range of features, including concentrated liquidity, range orders, and non-fungible liquidity (NFT) positions.
Q2. What is Polygon zkEVM?
A2. Polygon (previously known as Matic) is a Layer 2 scaling solution designed to solve some of the scalability challenges faced by Ethereum. Its zkEVM solution is a variant of zero-knowledge rollups that patches some of the limitations faced by the original solution while preserving its core benefits such as improved scalability.
Q3. What are the advantages of deploying Uniswap V3 on Polygon zkEVM?
A3. Deploying Uniswap V3 on the Polygon zkEVM network is expected to bring several advantages to the users of the platform. These include enhanced liquidity due to the scalability of Polygon and the ability to trade ERC-20 tokens at faster speeds and lower costs. Additionally, the deployment will enable users to earn higher yields on their investments.