DEX Uniswap's plan to debut on Polygon zkEVM is expected to be approved

Simar Marwaha
Simar Marwaha Published on April 14, 2023 07:47 AM

The new zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution from scaling solution provider Polygon appears to be where decentralised exchange (DEX) Uniswap will soon begin operations.

Uniswap's plan to debut on Polygon zkEVM
Source: Uniswap

Decentralised exchange (DEX) Uniswap appears prepared to go live on Polygon's new zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution. The voting threshold of 40 million votes needed for the proposal to pass has already been met, with over 42.4 million votes recorded in favour of the integration. Uniswap token holders have until April 14 at 9:05 pm UTC to cast their votes on the proposal to launch Uniswap v3 on the zkEVM.

Do you believe the Uniswap proposal to launch on Polygon zkEVM will be successful at this point? Let us find out.

Uniswap proposal to debut on Polygon zkEVM will succeed

According to count, a voting dashboard for decentralized finance projects, all 191 Ethereum addresses voted in favour of the proposal, with financial modelling tool Gauntlet and Ethereum infrastructure supplier ConsenSys dominating the voting count with nearly 7 million votes each:

The proposal's author, Polygon Business Development Lead Jack Melnick, noted that since Uniswap v3 is "EVM equivalent" and does not need recompiling EVM smart contracts, this is the "right time" to make it available on Polygon's zkEVM:

"Having Uniswap accessible on an EVM compliant ZK rollup has substantial benefit. Early zkEVM deployment contributes to Uniswap's status as the leading DEX and an industry thought leader."

According to Melnick, the connection would also offer off-chain transactions confirmation and quick finality. Additionally, he added, integrating on Polygon's zkEVM is now a "priority" due to the high level of acceptance that the company has been able to achieve.

In order to determine if this deployment would be successful or unsuccessful, Melnick cited three crucial on-chain metrics: According to the statement,

"A successful zkEVM deployment will, in an organic and sustained manner, grow Uniswap's Total Addressable Market across TVL, unique interacting wallet, volumes, and integration with partner dApps."

Users and builders "will increasingly look to zkEVM solutions to build and trade as demand for zk-blockchains and proximity to Ethereum rises," he noted.

Melnick believes the Polygon zkEVM's use of zero-knowledge proofs to inherit Ethereum's security would result in "minimal risks" during integration, at least "relative" to other blockchains.

Melnick noted that the Polygon Bridge has been "disintermediated" and that data would come from "reputable" Oracle suppliers, which he anticipates will only increase protocol security. On March 27, zkEVM from Polygon officially launched on the mainnet.

Similar to this, on March 15 Uniswap v3 merged with the Binance-built BNB Chain, a blockchain for smart contracts. The governance decision wasn't as clear cut, though; just 65% of the members supported the idea. With its 15 million UNI tokens, American venture capital company Andreessen Horowitz (a16z), which is the largest UNI token holder, voted against the BNB plan. 

We'll have to wait and watch whether and how the Uniswap plan, which is set to launch on Polygon zkEVM, succeeds and what impact it has on the platforms.




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