Nearly all of the Uniswap community members who took part in the governance process voted in favour of a proposal to integrate Polygon blockchain layer-2 solutions on Uniswap, indicating users’ pressing desire to fix untenable scalability issues.
Polygon developers submitted a proposal to Uniswap’s governance portal, about a week ago. The proposal outlines the developers’ integration aspirations with the Uniswap community as a whole. On November 23, the first step of the governance process began. It included the Temperature Check Poll, which sought to establish a preliminary agreement on whether the plan was even worth pursuing.
Despite just requiring 25,000 positive votes to advance to the next round, over 7.79 million Uniswap holders reportedly voted yes to deploy Uniswap V3 to the Polygon PoS chain.
“This is the right moment for this deployment,” according to Polygon. The protocol has the potential to substantially reduce transaction fees and the amount of time users spend on the network while engaging with Ethereum.
Sushiswap and Aave, two of the most popular DEXs, have already been deployed on Polygon. The layer-2 blockchain protocol is prepared to invest a significant amount of money in this integration due to Uniswap’s respectable market position.
This includes participation in the design and execution of liquidity mining campaigns. In addition to the promotion of Uniswap V3 as a “money lego.”
However, the integration can not go on yet until the “Consensus Check” has been conducted. It requires 50,000 affirmative votes to be passed to the final stage of governance and the purpose of the consensus Check is to start a formal discussion by creating a new poll based on the feedback from the Temperature Check.
Uniswap is a protocol for automated token exchange on Ethereum. It was launched on November 2, 2018. Uniswap describes itself as a simple smart contract interface for swapping ERC20 tokens.
Scalability is one of the key challenges with the Ethereum blockchain. As the network is used by more and more decentralised apps and services, and transactions grow exponentially, so do the gas fees.
Polygon is a Layer-2 blockchain protocol that integrates scaling solutions to assist bring broad adoption to the Ethereum blockchain by making transactions cheaper, faster, and more secure.