Uniswap deployed on Polygon; UNI & MATIC up by 16% and 21% for the week

Namrata Shukla
Source: Pexels

The prominent decentralized exchange Uniswap has made it to the Polygon platform.

As per updates provided by Uniswap and Polygon, all Uniswap version 3 contracts were now deployed to the Polygon manner. This decision was taken after the Polygon co-founder Mihailo Bjelic had submitted the Uniswap governance proposal. UNI holders voted to pass the governance proposal approving the deployment.

More than 72 million UNI token holders supported the move and unlocked the ability to swap tokens using Polygon blockchain via Uniwap’s interface.

This deployment was taken positively not only by the Uniswap community but also by Polygon’s community. This support from the two communities pushed the price of MATIC and UNI higher, with MATIC hitting a new all-time high of $2.66 earlier on Thursday.

The co-founder of Polygon, Bjelic reportedly stated,

“Ethereum introduced a noble vision of an open, borderless economic system accessible to everyone. With the increased usage, fees on Ethereum layer 1 have effectively ‘priced out’ most of the users. The Polygon version of Uniswap aims to change that.”

He further added that this deployment will help Uniswap return to the original vision as the flagship Ethereum application and offer low fees and open access to everyone.

Uniswap has strengthened its position as the largest decentralized exchange as it facilitated more than $600 billion in trading volume on its v2 and v3 platforms year-to-date. However, the total value locked [TVL] lagged behind Curve’s $22.23 billion.

Nevertheless, Bjelic was optimistic of Uniswap’s success on Polygon as the network has established a triumphant DeFi ecosystem. As per data serviced from Defi Llama, Polygon currently stood in the seventh position by TVL.

At the time of writing, Polygon’s MATIC token was reporting a 1.86% spike in 24-hours and was trading at $2.56, meanwhile, UNI was witnessing nearly an 11% surge in its value and last exchanges hands at $16.88.