Uniswap Proposes Polygon-ZK EVM Launch: A Step Towards DeFi Mass Adoption

• Decentralized Exchange Uniswap appears to be preparing to debut on Polygon’s new zero-knowledge Ethereum Virtual Machine roll-up solution.
• The proposal has gained a lot of support from the Uniswap community, with many users expressing their excitement about the potential for lower gas fees

Uniswap the largest decentralized exchange (DEX) globally with more than 1.4 trillion an all-time volume and over 140 million trades completed, has proposed launching on Polygon’s zkEVM (Zero Knowledge Ethereum Virtual Machine). The proposal is expected to pass, which would allow Uniswap to expand its reach and improve its scalability.

Uniswap is known for its simple and user-friendly interface, as well as its ability to allow anyone to trade cryptocurrencies without the need for a central authority. However, like many other blockchain-based applications, Uniswap has been struggling with high gas fees and slow transaction speeds on the Ethereum network.

Polygon, formerly known as Matic Network, is a Layer 2 scaling solution for Ethereum that aims to provide faster and cheaper transactions. Polygon has gained popularity in the DeFi space due to its ability to support Ethereum-compatible smart contracts and the use of Plasma technology to increase transaction throughput.

The proposal to launch on Polygon’s zkEVM was submitted by Uniswap’s governance community. The zkEVM is a Layer 2 scaling solution that uses zero-knowledge proofs to increase transaction speeds and reduce gas fees. It allows developers to deploy smart contracts that are compatible with the Ethereum network, but with much lower gas fees.

https://twitter.com/WhaleCoinTalk/status/1646779087929896960

According to the proposal, Uniswap will deploy its smart contracts on Polygon’s zkEVM, which will allow users to trade on Uniswap with much lower gas fees and faster transaction speeds. In addition, Uniswap’s liquidity providers will be able to earn higher returns due to the lower gas fees.

The proposal has gained a lot of support from the Uniswap community, with many users expressing their excitement. The proposal is expected to pass, as it has already received more than 90% support from the community.

Also Read: Polygon zkEVM Launch: The Catalyst Matic Needs to Reach New Heights

If the proposal passes, Uniswap will become one of the first major DEXs to launch on Polygon’s zkEVM. This move will likely attract more users to both Uniswap and Polygon and could pave the way for more DeFi applications to launch on Polygon’s zkEVM in the future.