Uniswap Outlines Steps To Deploy V3 To Ethereum Compatible Network

Leading decentralized exchange [DEX] Uniswap is all set to deploy its latest smart contracts V3 protocol on any Ethereum compatible network. The latest developments come after the successful launch of the DEX on the Polygon network [MATIC] in late December, last year. The proposal to enable the deployment of Uniswap v3 on Polygon was submitted by MATIC co-founder Mihailo Bjelic back in November 2021.

It received overwhelming support, with more than 72 million UNI tokens pledged as a vote for the proposal, which has now passed. An amount of just 500K UNI tokens were pledged as a vote against the proposal when voting concluded last December 18. The DEX claimed that since the launch, users have saved millions in gas costs and released the deployment script and documentation outlining steps to deploy Uniswap Protocol v3 to other chains.

Apart from that, the DEX is also aiming to create a consistent, formal process for the community to introduce and vote on deployments, and further proposed revisions to streamline and simplify the governance process.

Uniswap continues to rule the roost

As a matter of fact, Uniswap handles more than $11 billion in volume every week which is apparently why investors are preferring chains like Polygon that cost less in gas fees. At the time of this post, gas fees on Ethereum were as high as $137 for a Uniswap swap. Thus it seems reasonable for the DEX to make the abovementioned decision.

Uniswap continues to dominate the chart among the DEXes, with a market share by volume of 72.5% over the past week, according to blockchain data provider Dune analytics. Besides that, it has processed $17 billion over the last seven days and $5.4 billion in a span of 24 hours.

Earlier today, Uniswap Labs, the principal developer of the decentralized finance protocol, has hired former Federal Reserve economist Gordon Liao to take over the rein of its research wing. Announcing the same via Twitter, Liao expressed his excitement to be a part of the many innovations in the crypto space. The new appointment however received mixed reactions with some questioning why a ‘Fed’ is brought in to work for a DeFi platform while others welcomed him with captions such as ‘fight the good fight’, ‘happy to have ya brother’, etc.