Uniswap v3 Contracts Hosting on Polygon Gets Big 99.3% Yes from Community December 19, 2021 December 19, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 19, 2021 by Kelly Cromley

Uniswap v3 Contracts Hosting on Polygon Gets Big 99.3% Yes from Community

It has been accepted by the Uniswap community the governance plan that advocated the implementation of Uniswap v3 contracts across the Polygon Point-of-Sale (POS) Chain. The permission has taken the form of an on-chain vote in which over 72.6 million members from the community took part, resulting in a unanimous decision.

Uniswap Labs has announced that it will implement Uniswap v3 contracts based on support from the community revealed through 99.30% votes in favor. The deployment will be backed by a $20 million fund, with $15 million going to a long-term liquidity mining programme and $5 million going to the total acceptance of Uniswap on Polygon blockchain (MATIC).

Furthermore, Bjelic said that the time was ripe for Uniswap to deploy on Polygon, noting the fact that the network is “the second most powerful DeFi environment, directly behind Ethereum L1” as justification. The businessman has expressed his readiness to provide incentives for Uniswap implementation in the form of financial and technical incentives.

The proposal, submitted on Nov. 20 by Polygon CEO Mihailo Bjelic and allowed voting until Dec. 18, argues that “deploying to Polygon PoS can deliver a multitude of perks,” including customer bases expansion, substantial savings for users, increased user participation, higher revenues, market capture, and a back to the previous DeFi aspiration.

Uniswap v3 is scheduled to be deployed by the end of this year, and Bjelic issued a series of consensus and temperature tests to gauge community reaction prior to on-chain voting for the governance initiative UP010.

“Consensus check 17 passed with 44 million (98.87 percent) YES votes and 500 thousand (1.13 percent) NO votes,” the statement said. The temperature check 7 was successful with 7.79 million (100 percent) YES votes and 101 (zero percent) NO votes.

The Polygon community has announced a $200 million investment with Seven Seven Six Capital, a venture capital company headed by Reddit co-founder Alexis Ohanian, as part of its ongoing efforts to retain a strong edge against the Ethereum environment.

The project will be focused on aiding and hosting gaming apps and social media platforms that are built on Polygon’s technology infrastructure. Among the factors contributing to Polygon’s spectacular growth this year were the introduction of more over 3,000 decentralized on-chain apps, as well as additional protocol introductions and cross-chain transfers.

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.