Uniswap may go multichain: Leading decentralised exchange seems set to deploy to Polygon

Uniswap v3 appears likely to deploy on Polygon, giving a major stamp of approval to the Ethereum layer 2 scaling solution.

While there are still more stages in Uniswap’s governance process, yesterday afternoon a “snapspot” poll showed overwhelming support for the deployment, with 99.99 per cent in favour. Just one UNI token had been cast against the proposal, while 19,140 tokens had been cast in the affirmative.

There’s still two days left to cast votes; assuming things stay the same, the next step would be an on-chain vote.

Apollo Capital analyst David Angliss told Stockhead that he didn’t know the certainty of the move, “but definitely makes sense!”

Uniswap founder Hayden Adams tweeted about the idea but didn’t formally endorse it (although perhaps his exclamation mark shows a level of enthusiasm).

Polygon co-founder Mihailo Bjelic wrote in his proposal that this was the right moment for Uniswap to come to Polygon, and the platform was willing to incentivise Uniswap adoption with a significant allocation of capital from its treasury.

“We are proud of the DeFi ecosystem that has been established on Polygon PoS, but we still consider it in a way incomplete without Uniswap,” he wrote.

Polygon generally no longer promotes liquidity incentives, but is willing to make an exception in this case, he wrote.

“Uniswap is a flagship DeFi project and we are willing to make a special effort to bring it and help it succeed on Polygon.”
 

A bit of background

For those new to crypto, Uniswap v3 is the leading decentralised exchange with nearly US$2 billion in volume in the last 24 hours. Uniswap v2 had done another US$579 million, while Uniswap’s deployment on Arbitrum had handled another US$103 million.

While Uniswap competitor Sushi is deployed on no less than 14 different chains, Uniswap is just on mainnet Ethereum and scaling solutions Arbitrum One and Optimism.

Bjelic described Polygon as having the second strongest DeFi ecosystem, right after Ethereum L1, a point some might argue with. According to DeFi Llama, it’s No. 8 by total value locked, with US$4.65 billion. Arbitrum is No. 9 with $2.35 billion in TVL. The top three are Ethereum ($170.9 billion), Binance ($18.4 billion) and Solana ($14.3 billion).

But there’s still no question that Polygon has been widely successful in the crypto space, and having the biggest blue-chip DeFi project out there would be a huge win.

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