Leading Decentralised Exchange Accelerates Ethereum-Compatible Blockchain Deployments.
After a unanimous governance vote, Uniswap, the largest decentralized exchange by transaction volume, will deploy its V3 version on Polygon’s newly launched zkEVM Layer 2 network.
The proposal states, “Early deployment of zkEVM solidifies Uniswap’s position as the leading DEX and a thought leader.” Uniswap was also fast to activate on Polygon’s PoS Chain, which remains the company’s third largest deployment with a total value locked (TVL) of $98 million.
Despite the recent market upswing, the UNI token of the protocol has been relatively stable over the past month.
The move comes as competition among Layer 2s (L2) ramps up, with Polygon and Matter Labs launching rollups enabled by zero-knowledge proofs, also known as zkEVMs, last month. The two initiatives are concurrently contending for early zkEVM dominance and attempting to steal market share from the dominant L2 incumbents, Arbitrum and Optimism.
L2beat reports that since concluding its beta mainnet launch on March 27, Polygon zkEVM has received only $3.9M in TVL. Quickswap, the dominant DEX on the Polygon PoS Chain, is the largest DeFi protocol on zkEVM at present. Sushi, Uniswap’s longtime rival, is also active on the network.
ZkSync Era, a rival zkEVM from Matter Labs, is the fourth-largest Layer 2 network with a TVL of $242M despite launching only four days earlier. Matter Labs informed The Defiant that Uniswap intends to launch on ZkSync Era as well.
Also Read: Coinbase Could Leave The U.S. If Regulatory Uncertainty Persists, According To The CEO
Wallets