Uniswap V3, deployment to Polygon zkEVM decided

Uniswap to Polygon zkEVM

Uniswap, a leading decentralized exchange (DEX), decided to deploy Uniswap v3 on Polygon zkEVM on the 14th after a community vote. There were zero votes against.

Polygon zkEVM is a ZK-Rollup based Ethereum Layer 2 scaling solution. Since it has the same functions as the Ethereum compatible machine (EVM), it has the advantage that existing smart contracts, development tools, wallets, etc. can be used as they are.

connection:What is Blockchain Layer 2 | Types, Points of Interest, and Typical Networks

So far, Uniswap V3 has been deployed to Layer 2 solutions such as Ethereum (ETH), Arbitrum (ARB), Polygon (PoS Chain), and Cero (CELO). Currently, total value (TVL) locked up in the protocol is 590 billion yen ($4.4 billion), making it the largest decentralized exchange. According to CoinMarketCap, daily trading volume is 300 billion yen ($2.3 billion), which is nearly double that of second-place derivatives exchange dydx (at the time of writing).

Polygon Labs, which made the proposal, claimed that by deploying Uniswap V3 to Polygon zkEVM, further expansion of transaction volume, TVL, and number of users could be expected. The bridge code will also be audited by a third party and will be fixed if any vulnerabilities are identified.

connection:Polygon Launches Mainnet Beta for ‘Polygon zkEVM’

Growth of zkEVM

Polygon zkEVM just launched its mainnet (β) on March 27, with nearly 50 products running on the network, including Lens, Aavegotchi, and Quickswap. However, according to DeFillama, TVL is currently only about 200 million yen ($1.54 million).

On March 29, Ethereum’s lending protocol Aave v3 passed a governance proposal to release its MVP (minimum product) on Polygon zkEVM mainnet. It is also expected that TVL (liquidity) will improve due to the development of Aave, which has a long operating period as DeFi (decentralized finance).

connection:What is “Rollup”, a solution to the scaling problem? Detailed explanation of the mechanism and points to note

Among Ethereum’s Layer 2 scaling solutions, zkEVM is rapidly developing, catching up with its predecessor Optimistic Rollups. Another product that uses the zkEVM equivalent, Scroll, has raised about ¥6.8 billion ($50 million) at a corporate valuation of about ¥244 billion ($1.8 billion). Scroll also features EVM parity and was in the process of launching on Ethereum’s Goerli testnet in February.

connection:Ethereum L2 “Scroll” Raises 6.8 Billion Yen, Valuation to 244 Billion Yen

In addition, “ZkSync Era” launched its mainnet (β) on March 24, with a TVL of $119 million, ahead of zkEVM. ZkSync Era is EVM compatible, which requires some modifications when porting, and there was a situation where the funds of the protocol that used the unsupported code as it was were tied up.

connection:Ethereum L2 “zkSync” to recover ETH of about 230 million yen trapped