Decentralized Exchange Uniswap Plans Launching on Polygon’s zkEVM April 16, 2023 April 16, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 16, 2023 by Kelly Cromley

Decentralized Exchange Uniswap Plans Launching on Polygon’s zkEVM

The zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up option will be used to set up the digital exchange (DEX) for Uniswap, which runs on the Ethereum blockchain. The acceptance level of 40 million votes has been reached because all 191 Ethereum addresses have voted in favour of the plan.

Polygon is a business that offers options for growth. It used to be called Matic Network. With their technology, the company wants to make it easier for coders to build autonomous applications (dApps) on the Ethereum network. The goal of the zkEVM roll-up method is to make Ethereum more scalable, secure, and easy to use while lowering transaction costs.

When Uniswap is added to Polygon’s zkEVM, it is intended to give both systems a lot of benefits. Uniswap has had trouble on the Ethereum mainnet because of high gas fees and slow transaction handling. With Polygon’s scaling solution, it will be able to offer its users faster and cheaper transactions. The addition of Uniswap is expected to make Polygon’s network more popular and flowing, which will be good for it.

The first time Uniswap said it wanted to start operating on Polygon’s zkEVM was in March 2021. Token holders had until April 14 at 9:05 p.m. UTC to vote on the plan. Uniswap is a DEX, or decentralised exchange, which is a place to trade digital goods. It makes it possible to buy and sell these properties. Still, the requirement of 40 million ballots as a condition for approval was met before the deadline, and more than 42.4 million people voted in favour of the merger.

From ConsenSys, an Ethereum infrastructure provider, and Gauntlet, a financial modelling tool, more than 7 million people voted in the election, according to information from Tally, a voting monitor for digital finance projects.

It is believed that adding Uniswap to Polygon’s zkEVM will make it easier for digital finance (DeFi) to grow on both platforms and help the Ethereum community grow as a whole. As blockchain scaling solutions like Polygon become more popular, Ethereum is likely to become a more attractive and practical tool for making independent apps in the near future.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.