Decentralized exchange protocol Uniswap V3 is deploying on zkSync 2.0

Quick Take

  • A governance proposal that would deploy Uniswap V3 on the Ethereum scaling solution zkSync passed earlier today.
  • Uniswap V3, which holds the largest share of Decentralized Exchange (DEX) volume, will go live after zkSync launches on Oct. 28.

A governance proposal that would deploy Uniswap V3 on zkSync 2.0 passed earlier today with overwhelming support.

This deployment means Uniswap V3 will be available for users to trade on after zkSync launches on Oct. 28. Uniswap V3 holds the largest share of Decentralized Exchange (DEX) volume, according to The Block Research's data. 

Matter Labs, the parent company of zkSync, put forward the proposal, in partnership with FranklinDAO, formerly known as the Penn Blockchain Club.

Almost 100% of voters supported the proposal. Out of approximately 41.3 million votes cast, only 120 were against the deployment.

The goal of this deployment is to support Uniswap’s cross-chain expansion into multiple blockchain ecosystems, according to the proposal. It further outlined that the deployment of Uniswap V3 will onboard new users and increase user activity on Uniswap, due to the cheaper fees and the security guarantees it gets from zkSync.

Uniswap V3 is a DEX that makes on-chain trading much more capital efficient. It does so by allowing “concentrated liquidity," which enables liquidity providers to choose the price ranges they want to deploy their tokens.

This deployment will also help the growth of future protocols and infrastructure partners building on zkSync. Once live, Uniswap V3 code will be publicly available for anyone to use. This “will help grow a large list of projects that can be built on Uniswap V3,” the proposal said.

 

 


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