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Tuesday, August 9, 2022

Uniswap v3 Deployment On Polygon Has Been Approved

The community of Uniswap has already signed its approval for the governance proposal that sought the deployment of contracts over the Polygon chain. This approval comes in the form of a vote that saw the participation of close to 72.6 million users in the community.

The Labs recently announced to deploy the v3 contracts that were based on the votes that seemingly reflected an approval consensus of 99.3% which will be supported by a $20 million fund- around $15 million for long-term liquidity mining campaign and $5 million for the adoption of the blockchain on Polygon. 

Uniswap’s Deployment Of Polygon Will Help Both Parties

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Along with that, Bjelic also mentioned that it was the perfect moment for Uniswap to get on Polygon citing that the deployment to the PoS of Polygon would bring in a lot of benefits such as huge savings for users, a solid base for user growth, higher activity among users, higher revenue, a much higher market capture, and a return to the original vision of DeFi. 

Before the on-chain voting for the governance proposal on behalf of Uniswap took place, Bjelic had released a temperature as well as a consensus check in order to identify the sentiment of the community behind the deployment of the blockchain. The consensus check 17 was unanimously passed with 98.87% YES votes. The temperature check was then passed with 100% YES votes. 

With Polygon aiming at maintaining a competitive position against the ecosystem of Ethereum, the Uniswap community did announce a $200 million initiative with Seven Seven Six, which is a venture capital firm completely owned by the co-founder of Reddit, Alexis Ohanian. As reported by Cointelegraph, the initiative for this will focus on hosting and supporting the gaming applications and the social media platforms that have been built on the infrastructure of Polygon.

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