Polygon, a blockchain protocol, focused on increasing Ethereum’s scalability, revealed that leading Ethereum-based DEX UniSwap went live on it.
On Nov. 20, the Polygon team presented a proposal to deploy UniSwap on Polygon. Due to the voting process, over 72 M UNI holders voted in its favor. Polygon expressed its gratitude to the participants for their support.
Uniswap v3’s smart contracts were deployed to the Polygon’s mainnet. Thus, the chain already works on the Uniswap interface. Sharing the news on Twitter, Uniswap said that Polygon is a popular scaling solution and suggests reduced fees and high-speed operations.
1/ We're excited to announce v3 has been deployed on @0xPolygon! 🚨— Uniswap Labs 🦄 (@Uniswap) December 22, 2021
As a leading scaling solution, Polygon offers low gas fees and fast transactions, with over 3000 applications hosted and 1B transactions processed! 🚀 pic.twitter.com/bzRRkqDJuk
Now, Polygon supports more than 3000 apps; the total value locked in the protocol's smart contracts stands at over 5.49 M, as per data from analytics platform DeFi LLama. This makes Polygon the 7th largest chain by TVL.
Polygon's native asset MATIC is among the top 15 cryptos by market cap. At the moment MATIC trades at about $2.6. It hit its all-time high of $2.73 on December 23.
UniSwap’s UNI token trades at around $17.7, 60% down from its all-time high of $44.97. UNI has a market cap of more than $11 billion, which makes it the 19th biggest asset.