The Uniswap ecosystem is expected to benefit significantly from Polkadot’s massive multi-chain capabilities and vice versa.
Uniswap is preparing to launch in Polkadot, a leading decentralized exchange on multiple chains with total value locked (TVL) of approximately $4.08 billion.dot) network through its Moonbeam parachain. According to a Michigan Blockchain announcement, the proposal to deploy Uniswap V3 on Polkadot via the Moonbeam parachain was passed by a community vote with an approval rate of 99.99 percent, amounting to 50.38 million votes against 1 vote. especially, Uniswap The V3 proposal on Polkadot passed the temperature test with 26 million votes in favor and 169 votes against.
GFX Labs is responsible for the technical deployment of the proposal, while Warmhole is the selected cross-chain messaging solution as the bridge provider. Michigan Blockchain acted as the sponsor of the Uniswap V3 proposal as it holds over 2.5 million UNI, thus making it eligible to administer on-chain votes.
There are many benefits of having Uniswap V3 on the Polkadot ecosystem amid the mainstream adoption of blockchain technology. In addition, Polkadot enables multi-chain capabilities DeFi ecosystem, thus improving liquidity on the Uniswap network.
“As a blue chip for UNI and always at the forefront of DeFi innovation, we always intend to deploy Uniswap on Polkadot in some way, shape or form,” said a Uniswap spokesperson. noted,
Uniswap provides a platform for users to securely swap crypto tokens in a non-custodial manner, Polkadot Network hopes to tap into this quality to attract more DeFi developers.
2/ Uniswap provides users with a trustless, permissionless and non-custodial way to access tokens. Its arrival in the Polkadot ecosystem adds visibility and momentum towards the development of a new world of decentralized financial products and services on Polkadot.
— Polkadot (@polkadot) May 17, 2023
Uniswap and Polkadot Market Outlook
Following the announcement, Uniswap native token UNI gained nearly 4 percent on Thursday to trade around $5.37, according to the latest crypto price oracle. Polkadot (DOT) price, on the other hand, was trading higher by around 2 per cent around $5.42 during the early London market session on Thursday. Furthermore, Uniswap V3 is expected to be deployed on the Polkadot ecosystem in less than a month if all the technology goes according to plan.
The collapse of FTX and increased regulatory scrutiny for most CEX platforms led to the rise of DEXes.
As a result, the Uniswap ecosystem is expected to play a significant role in driving crypto adoption in the coming years. Currently, Uniswap has a market capitalization of approximately $5,355,197,114 and a reported 24-hour trading volume of approximately $62.2 million.
as adoption Ethereum As smart contracts go mainstream through institutional adoption, the Uniswap ecosystem is expected to grow rapidly as it is the largest DEX in the ecosystem. According to on-chain data provided by Ethplorer, UNI token has about 369k holders who have made about 4 million transfers.
Polkadot, on the other hand, prides itself on a high share of about $4 billion DOT out of $7.6 billion DOT in market capitalization.
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