UNI holders who use Uniswap are automatically enrolled as voters and given the power to approve or disapprove any proposal made to the Uniswap contract. All three contracts are being deployed on the Polygon blockchain. This means you can now use the Polygon blockchain to swap ERC20 tokens on Uniswap https://app.uniswap.org/#/swap to trade almost any ERC20 token on the Ethereum mainnet and all three L2 solutions as Polygon, Optimism and Arbitrum.
This marks the beginning of a new “chapter” for Uniswap and the Polygon sidechain, which will allow it to become the primary destination for decentralized applications and other high-scale, high-speed applications. This is a game-changing development for the entire cryptocurrency ecosystem. For one thing, it means that there is now cross-chain liquidity for nearly all the major cryptocurrencies and tokens.
Polygon is leading the charge to bring down transaction fees. They’ve integrated sidechains to process Ethereum transactions with their Scaling Solution: Sidechains, they have the ability to scale as needed, to support any type of transaction, without compromising on security or decentralization. Through sidechains, Polygon can significantly lower transaction costs, which is seen as a major boost for users of Uniswap. The protocol has also announced several initiatives and announcements in recent weeks, such as its acquisition of Mir Protocol and its partnership with 776 VC to launch a $200 million initiative aimed at building social media on Web3.
Uniswap, the largest DEX by trading volume, is already deployed on Arbitrum and Optimism. The numbers for Uniswap are pretty small compared to the total value locked on the Ethereum version of Uniswap. However, the total locked value on Uniswap is still smaller than Curve’s locked value of $22.23 billion. Curve currently supports several blockchains and layer-2 solutions such as Harmony, Avalanche, and Polygon.
Good News For Matic Holders Uniswap’s deployment on Polygon has also seen the value of Polygon’s token, reached new all-time highs, by 35% up, and has set a new record All Time High of $2.7.