Polygon co-founder Mihailo Bjelic has submitted a proposal to launch the last Uniswap v3 on the Polygon network. This proposal was put to a vote in the Uniswap community and with over 72 million affirmative votes it was accepted for Uniswap to engage in the Polygon network.
The launch of Uniswap on the Polygon network seems to be very important in terms of returning one of the most important projects of the Ethereum network to its initial promise. Thanks to the Polygon network working as a layer 2 solution for Ethereum, the decentralized crypto exchange will be able to offer lower transaction fees and further increase user reach.
Polygon stands out as one of the most important projects of the DeFi Ecosystem. It is the second most difficult ecosystem after the Ethereum network, which works as layer 1 in the industry. Uniswap is one of the main DEX platforms used by many DeFi applications. Therefore, it is thought that integration will contribute to the development of the ecosystem.
Working on the Ethereum Blockchain, Uniswap faced a major problem this year due to high gas fees. Starting the DEX platform on the Polygon network, which is a layer 2 solution, will make it possible to reduce these high transaction fees and increase the transaction volume in this way. Uniswap has grown to become one of the largest DEX platforms, reaching a trading volume of $600 billion this year.
Polygon stated that it will provide up to $ 20 million in incentives to support this post-integration DEX platform. It was stated that $ 15 million of this incentive will be allocated for long-term liquidity mining, while a fund of $ 5 million will be allocated to increase adoption.
Polygon also stepped into the NFT sector, which is the favorite of this year. Polygon Studios started out as the NFT arm of the platform. The first NFT platform to be implemented on the network was Rario.
MATIC, the native token of the Polygon network, was changing hands at $2.62 in the morning, up 6 percent in the last 24 hours, and it's close to an all-time high of $2.7. Uniswap's own token, UNI, stands at $16.74 with a nearly 10% increase in value. UNI/USD saw some pullback after hitting as high as $18 yesterday, but it seems to continue its bullish action today.