The decentralized exchange Uniswap seems poised to launch on scaling solution provider Polygon’s new zero-knowledge Ethereum Virtual Machine (zkEVM).
Although Uniswap (UNI) token holders have until April 14 21:05 UTC to vote on the proposal to release Uniswap v3 on zkEVM, the threshold of 40 million votes necessary for the proposal to be approved has already been reached: there are more than 42.4 million registered votes in favor of integration.
All 191 Ethereum addresses voted in favor of the proposal, with financial modeling platform Gauntlet and Ethereum infrastructure provider ConsenSys leading the way with over 7 million votes each.according to Tally, a voting panel for decentralized finance projects.
The author of the proposal, Polygon’s business development leader, Jack Melnick, argued that now is the “right time” to make Uniswap v3 available on Polygon’s zkEVM because it is “equivalent to EVM”, meaning there is no need to recompile EVM smart contracts.:
“There is significant value in making Uniswap available on an EVM-compliant ZK rollup. The early deployment on zkEVM helps solidify Uniswap’s place as the number one DEX and a thought leader.”
The integration will also provide fast validation and completion for off-chain transactions.Melnick said.
Besides, the high level of adoption that Polygon has achieved makes integrating Polygon into zkEVM a “priority”he explained.
As for the factors that will make this deployment a success or failure, Melnick pointed to several key on-chain metrics.:
“A successful deployment of zkEVM, in an organic and sustained manner, will grow Uniswap’s Total Addressable Market through TVL, unique wallet of interaction, volumes and integration with partner dApps.”
“As the demand for zk-blockchains and proximity to Ethereum increases, users and builders will increasingly seek zkEVM solutions to build and trade,” he added..
Melnick is confident that the integration will pose “minimal risks” at least “relative” to other blockchains. because Polygon zkEVM uses zero-knowledge proofs to inherit Ethereum security.
Polygon Bridge has been “disintermediated” and the data will come from “reputable” oracle providers, Melnick added.which he hopes will strengthen security at the protocol level.
Polygon’s zkEVM had its official mainnet launch on March 27.
In a similar move, Uniswap v3 integrated with the BNB Chain, a smart contract blockchain built by Binance, on March 15.
However, the vote on governance was not as strong; only 65% voted in favor of the proposal.
American venture capital firm Andreessen Horowitz (a16z), the largest holder of UNI tokens, voted against the BNB proposal with his 15 million UNI tokens.
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