Uniswap wants to deploy V3 smart contracts on Polygon

Polygon has further strengthened its grip on the DeFi ecosystem after members of Uniswap voted to deploy smart contracts.

many supporters

The third version of the decentralized Automatic Market Maker, Uniswap V3, will be rolled out on Polygon ‘within a few days’. This was recently revealed by a Twitter announcement.

The process for implementing Uniswap on Polygon started about a month ago. A proposal was then made on the DEX governance protocol. The motion passed with 72 million votes in favor and 503,009 votes against. This indicates that this move is widely accepted among UNI holders.

Polygon’s developers had reportedly sounded both insistent and desperate in their attempt to land Uniswap. They granted the DEX special treatment and allocated significant funds for its development.

Scalability solutions lighten the load on the Ethereum mainnet, providing cheaper and faster transactions. Since the congestion issues facing Ethereum are more common, scalability solutions like Polygon are a good solution. They are therefore very popular with DeFi users.

Stimulation of liquidity

Several Ethereum L1s such as Aave, Curve and Sushiswap, had already implemented their smart contracts on Polygon. The L2 had previously suggested that the ecosystem felt “incomplete” without DeFi’s project.

In its proposal, the platform also announced its intention to allocate approximately $20 million to the protocol to boost liquidity.

The tradable allotment would include up to $15 million for a long-term liquidity mining campaign and the rest for a dedicated DAO. This will focus on the overall adoption of Uniswap on Polygon, the proposal said.

Community enthusiasm was already there when 7.79 million Uniswap holders voted yes to the implementation in the first ballot in November. Only 25,000 were needed.

In a tweet, Polygon co-founder Mihailo Bjelic reiterated Polygon’s mission to make Ethereum accessible and affordable.