The Block: Uniswap DAO approves proposal to deploy v3 on Polygon zkEVM

The Uniswap DAO approved a governance proposal in favor of deploying Uniswap's version 3 (or v3) decentralized exchange on Polygon zkEVM, a new ZK-Rollup solution compatible with the Ethereum ecosystem.

This move continues the expansion of popular Ethereum apps to the new wave of ZK-Rollups that have recently launched, suggesting that Ethereum is growing in its ability to offer its main features at scale.

The proposal was initiated by Polygon Labs, the core team behind the Polygon zkEVM and passed with over 42.4 million votes in support and nil against. This comes after Ethereum’s top lending protocol Aave had previously passed a governance proposal to release its v3 platform on zkEVM mainnet in a temperature-check phase.

Uniswap V3 is a decentralized exchange (DEX) protocol that enables users to swap tokens and is one of the most widely used decentralized finance (DeFi) applications within the Ethereum ecosystem.

After the approved proposal is executed, Uniswap will be officially released on the zkEVM and will join nearly 50 other projects, including apps such as Lens, Aavegotchi, and Quickswap, that already exist on the network, as previously noted by Polygon.

The proposed deployment of Uniswap v3 on Polygon zkEVM will let users access the decentralized exchange from Polygon's Layer 2 network. Notably, Uniswap v3 already exists on the Polygon sidechain , separate from its newly released zkEVM Layer 2 network.

Besides the Polygon sidechain, Uniswap v3 is also available on multiple EVM-compatible chains, including Ethereum, Celo, BNB Chain, and other Layer 2s networks such as Optimism and Arbitrum.

What is Polygon zkEVM? zkEVM is a new zero-knowledge rollup that provides EVM equivalence, making it compatible with the existing Ethereum ecosystem and tooling. This allows developers to deploy existing Ethereum codebases with full equivalence.

As an Ethereum Layer 2 solution, Polygon zkEVM uses zero-knowledge proofs to inherit Ethereum's core security. ZK-Rollups validate and finalize transaction computations off-chain, before the data is confirmed on Ethereum. This set up enables faster transaction processing and greater scalability for Ethereum.

Polygon zkEVM and ZkSync Era, two close competitors in the zkEVM niche, were both released last month.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.