Uniswap, a decentralized exchange (DEX), appears to be planning the launch of Polygon’s new zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution.
While holders of the $6.35 Uniswap token have until April 14 at 21:05 UTC to vote on the proposal to launch Uniswap v3 on zkEVM, the 40 million vote threshold required to pass the proposal has been met, with over 42.4 million votes entered. supports recorded integration.
According to Tally, a voting dashboard for decentralized finance projects, all 191 Ethereum addresses voted in favor of the proposal, with financial modeling tool Gauntlet and Ethereum infrastructure provider ConsenSys dominating the vote tally with nearly 7 million votes each.
Polygon Lead Business Development Jack Melnick, author of the proposal, argues that now is the “right moment” to make Uniswap v3 available on Polygon’s zkEVM because it is “EVM equivalent” — meaning there is no need to recompile EVM smart contracts: “There is significant value in Uniswap available on the EVM-compatible ZK rollup.” Implementing zkEVM from the start cemented Uniswap’s position as a DEX leader and leading thinker.”
According to Melnick, the integration will also enable fast validation and settlement for off-chain transactions. Additionally, the significant adoption rate achieved by Polygon makes integrating into Polygon’s zkEVM a “priority,” he says. Melnick points to a wealth of important on-chain data as an indicator of whether this deployment will succeed or fail: “A successful implementation of zkEVM will, organically and sustainably, grow Uniswap’s Total Addressable Market across TVL, unique wallets that interact, volume, and integration with partner dApps.”
“As the demand for zk-blockchain and its proximity to Ethereum increases, users and builders will increasingly look to zkEVM solutions for building and trading,” he added. Melnick believes the integration will provide “minimal risk” at least “relative” to other blockchains because Polygon zkEVM uses zero-knowledge proofs to inherit Ethereum’s security.
Melnick noted that Polygon Bridge has “disintermediated”, and data will be sourced from a “reputable” oracle provider, which he anticipates will only increase the security of the protocol. On March 27th, zkEVM Polygon launched its official mainnet.
On March 15, Uniswap v3 connected with BNB Chain, a smart contract blockchain created by Binance.
However, the governance vote was not as clear, with only 65% of the vote in favor of the proposition.
Andreessen Horowitz (a16z), the largest UNI token holder in the United States, voted against the BNB proposal with 15 million UNI tokens.