Blockchain News

Uniswap proposal to Launch on Polygon zkEVM is Set to Pass

Uniswap, a decentralized exchange (DEX), appears to be planning a launch on Polygon’s new zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution.

While Uniswap $6.35 token holders have until April 14 at 9:05 p.m. UTC to vote on the proposal to launch Uniswap v3 on the zkEVM, the 40 million vote threshold required for the proposal to pass has already been met, with over 42.4 million votes in support of the integration recorded.

According to Tally, a voting dashboard for decentralized finance projects, all 191 Ethereum addresses voted in favor of the proposal, with financial modeling tool Gauntlet and Ethereum infrastructure provider ConsenSys dominating the voting tally with almost 7 million votes apiece.

Polygon Business Development Lead Jack Melnick, the proposal’s author, argued that now is the “right moment” to make Uniswap v3 available on Polygon’s zkEVM because it is “EVM equivalent” — meaning there is no need to recompile EVM smart contracts: “There’s significant value in Uniswap being available on an EVM compatible ZK rollup.” Deploying zkEVM early on strengthens Uniswap’s position as the leading DEX and thinking leader.”

According to Melnick, the integration will also allow validation and quick finality for off-chain transactions. Furthermore, the significant degree of adoption attained by Polygon makes integrating on Polygon’s zkEVM a “priority,” he stated. Melnick referred to many crucial on-chain data as indicators of whether this deployment will be a success or failure: “A successful zkEVM deployment will, in an organic and sustained manner, grow Uniswap’s Total Addressable Market across TVL, unique interacting wallet, volumes, and integration with partner dApps.”

“As demand for zk-blockchains and proximity to Ethereum rises, users and builders will increasingly look to zkEVM solutions to build and trade,” he added. Melnick is sure that the integration will provide “minimal risks” at least “relative” to other blockchains because the Polygon zkEVM employs zero-knowledge proofs to inherit Ethereum’s security.

Melnick noted that the Polygon Bridge has been “disintermediated,” and data would be sourced from “reputable” oracle providers, which he anticipates will only increase protocol security. On March 27, Polygon’s zkEVM launched its official mainnet.

On March 15, Uniswap v3 connected with the BNB Chain, a smart contract blockchain established by Binance.

However, the governance vote was not as clear, with just 65% voting in favor of the proposition.

Andreessen Horowitz (a16z), the largest UNI token holder in the United States, voted against the BNB proposal with 15 million UNI tokens.


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