Key Insights:
- Uniswap’s proposal to deploy Uniswap V3 on Polkadot received overwhelming community support, with a 99.99% approval rate.
- The integration of Uniswap V3 into the Polkadot ecosystem enhances liquidity within the Uniswap network.
- Uniswap’s native token, UNI, experienced a 4% increase, while Polkadot’s token, DOT, saw a 2% rise.
Uniswap, a prominent decentralized exchange operating across multiple chains, is preparing to enter the Polkadot (DOT) network through its Moonbeam parachain. Recently, Michigan Blockchain announced the proposal to deploy Uniswap V3 on Polkadot via Moonbeam Parachain, which received overwhelming support from the community. With an impressive approval rate of 99.99 percent, the proposal garnered 50.38 million votes in favor, while only a single vote opposed it.
Notably, the Uniswap V3 proposal on Polkadot successfully passed the temperature check, accumulating 26 million affirmative votes compared to 169 negative votes.
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GFX Labs takes charge of the technical implementation of the proposition. At the same time, Warmhole assumes the role of the chosen intermediary for cross-chain communication, serving as the provider of a bridge solution. The Uniswap V3 proposal was sponsored by the Michigan Blockchain due to its ownership of over 2.5 million UNI tokens, granting it the right to oversee on-chain voting processes.
Polkadot’s multi-chain magic amplifies Uniswap
The integration of Uniswap V3 into the Polkadot ecosystem offers numerous advantages amidst the widespread embrace of blockchain technology. Moreover, Polkadot empowers DeFi ecosystems with its multi-chain capabilities, thereby enhancing liquidity within the Uniswap network.
According to a representative from Uniswap, their long-standing plan encompassed the incorporation of Uniswap onto the Polkadot network in one manner or another. The spokesperson emphasized the significance of UNI as a renowned digital asset within decentralized finance (DeFi), maintaining its position as a pioneering force in driving innovation.
By offering a secure, non-custodial platform for exchanging cryptocurrency tokens, Uniswap has become an instrumental player in the crypto space. Recognizing the value of this service, the Polkadot network aims to leverage Uniswap’s capabilities to entice a more significant number of DeFi developers to its ecosystem.
Uniswap and Polkadot market outlook
After the announcement, the native token of Uniswap, UNI, experienced a notable increase of approximately 4 percent on Thursday, reaching a trading value of approximately $5.37, as reported by the latest crypto price oracle. In contrast, during the early London market session on Thursday, the price of Polkadot’s token (DOT) saw a modest rise of around 2 percent, reaching approximately $5.42. Additionally, it is anticipated that Uniswap V3 will be deployed within the Polkadot ecosystem in under a month, assuming all technical aspects proceed according to plan.
The emergence of decentralized exchanges (DEXes) was catalyzed by the downfall of FTX and the heightened regulatory scrutiny faced by centralized exchange (CEX) platforms.
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Consequently, the Uniswap ecosystem will drive cryptocurrency adoption in the forthcoming years. Presently, Uniswap boasts a fully diluted market capitalization of roughly $5,355,197,114, accompanied by a reported 24-hour trading volume of around $62.2 million.
As institutional adoption propels the mainstream acceptance of Ethereum smart contracts, the Uniswap ecosystem is expected to experience exponential growth, given its status as the largest DEX within the Ethereum ecosystem. According to on-chain data from ethplorer, the UNI token currently counts around 369,000 holders engaged in approximately 4 million transfers.
On the other hand, Polkadot takes pride in its substantial staking amount, with approximately $4 billion worth of DOT out of a total market capitalization of $7.6 billion.
