Uniswap Members Cast Votes in Favor of v3’s Deployment in Polygon

Uniswap has made an announcement informing that its members have cast their votes in favor of the ‘governance’ proposal for enabling Polygon blockchain to derive support from the proposal.

Uniswap is regarded as the world’s top decentralized exchange because of its highest daily trade volume. However, it is not the world’s number one crypto trading platform and such title is kept by Coinbase.

There is this version called ‘v3’ which belongs to Polygon. At present, v3 is commanding over 1.5 Billion Dollar daily trade volume. On the other hand, Uniswap is contributing 8.6 Billion Dollars in total value locked (TVL) in the decentralized finance (defi) sector. With this US$ 8.6 Billion TVL, Polygon is currently the world’s 2nd biggest TVL. At number one is Curve Finance whose TVL is exceeding US$ 21 Billion approximately.

In recent times, Uniswap wanted to deploy its ‘v3 contracts’ on its main network but needed community support. In this connection, the decentralized exchange asked its member to vote either in favor or against the ‘governance’ proposal. Through this proposal, Uniswap intended to apply the v3 contracts.

It has been announced by Uniswap today that it will be applying v3 contracts in the coming days, perhaps before 2021 ends. It further informed that its community members wholeheartedly participated in the voting process. The majority of votes suggested that the firm should deploy the much anticipated v3 contracts.

Uniswap customers have been already utilizing L2 protocols such as Optimism as well as Arbitrum One. Through these protocols, Uniswap customers are saving fees which they were in fact paying to the network of Ethereum as ‘transfer’ fees. Users utilizing L1 protocols are normally paying a transfer fee of up to US$ 31.74 when they swap their tokens. On the contrary, L2 protocol users pay the same fee which is not more than US$ 2.63 (for Arbitrum) and US$ 2.29 (for Optimism).

It was the exchange’s Chief Executive Officer namely Mihailo Bjelic who presented the governance proposal in the first place. He believed that the PoS of Polygon can bring multifarious benefits for its community members. He assured the proposal had been tested many times so there wouldn’t be any problem while deploying the v3 contracts. He furthermore pointed out that the PoS of Polygon is very much aligned with that of Ethereum now.

It seems now it is only a matter of a few days when v3 contracts will eventually be deployed on the Polygon network. It would be a great convenience and money-saving feature which is going to be availed exclusively by Uniswap’s community members.

Ethereum may be dominating the smart contracts market yet when it comes to charging fees, Ethereum is usually criticized. Users claim that Ethereum is charging an exorbitant fee while others’ fees are nominal.