Polygon has announced that all three Uniswap Version 3 contracts are now operational on the platform, marking yet another significant milestone for Polygon and the Ethereum ecosystem as a whole.
Polygon presented a proposal to the Uniswap community on November 20 to incorporate Polygon into the largest decentralized exchange on Ethereum, with a total value of $8.75 billion (TVL)
After UNI token holders overwhelmingly endorsed a governance proposal that allowed the deployment, the proposal passed all three steps of the Uniswap governance process.
According to a blog post by Polygon, all Uniswap V3 contracts have been deployed to the Polygon PoS mainnet, and Polygon is already supported in the official Uniswap interface.
Since Polygon relaunched earlier this year, the network has risen dramatically in almost all important metrics, according to their website.
The total number of users/wallets is presently 126 million. A total of 1.2 billion transactions have been completed. The number of dApps produced on the platform has surpassed 3,000, and the network’s DeFi ecosystem has grown to $5.2 billion in total value locked (TVL).
Uniswap is an Ethereum protocol for automated token exchange. It went live on November 2nd, 2018. Uniswap is a straightforward smart contract interface for switching ERC20 tokens, according to its website.
The Ethereum blockchain faces a number of issues, one of which is scalability. The gas fees rise exponentially as the network is used by more and more decentralised apps and services, and transactions expand rapidly.
Polygon is a framework for creating interconnected blockchain networks that uses a novel sidechain solution to address some of Ethereum’s fundamental flaws, such as throughput, bad user experience (high speed and delayed transactions), and lack of community governance.