Decentralized exchange Uniswap is set to launch on the new zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution from scaling solution provider Polygon. The integration follows a successful vote by Uniswap (UNI) tokenholders, who recorded over 42.4 million votes in favor of the integration, passing the required 40 million vote threshold for the proposal to pass.
All 191 Ethereum addresses that participated in the vote were in favor of the proposal, with financial modeling platform Gauntlet and Ethereum infrastructure provider ConsenSys leading with over 7 million votes each, according to Tally, a voting dashboard for decentralized finance projects.
Polygon Business Development Lead Jack Melnick argued that now is the “right moment” to make Uniswap v3 available on Polygon’s zkEVM because it is “EVM equivalent” — meaning that there is no need to recompile EVM smart contracts. The integration will also provide validation and fast finality for off-chain transactions, said Melnick. In addition, the high level of adoption that Polygon has managed to harness makes integrating on Polygon’s zkEVM a “priority,” he explained.
Polygon’s zkEVM uses zero-knowledge proofs to inherit Ethereum’s security, providing validation and fast finality for off-chain transactions. The Polygon Bridge has been “disintermediated,” and data will be sourced from “reputable” oracle providers, Melnick added, which is expected to only strengthen security at the protocol level.
A successful zkEVM deployment is expected to grow Uniswap’s Total Addressable Market across TVL, unique interacting wallet, volumes, and integration with partner dApps, according to Melnick. He believes that as demand for zk-blockchains and proximity to Ethereum rises, users and builders will increasingly look to zkEVM solutions to build and trade.Uniswap’s deployment on Polygon’s zkEVM will pose minimal risks, relative to other blockchains.
Polygon’s zkEVM had its official mainnet launch on March 27. In a similar move, Uniswap v3 integrated with the BNB Chain — a smart contract blockchain built by Binance — on March 15. United States venture capital firm Andreessen Horowitz (a16z) — the largest UNI token holder — voted against the BNB proposal with its 15 million UNI tokens, though the governance vote was not as stark, with only 65% voting in favor of the proposal.
The integration of Uniswap v3 on Polygon’s zkEVM is a significant move towards the future of decentralized finance. With the fast-growing adoption of zk-rollups, it is evident that zk-rollups are “the endgame” for scaling blockchains; said Polygon Miden founder in a recent interview with Cointelegraph Magazine. The implementation of Uniswap v3 on Polygon’s zkEVM will propel Polygon to the forefront of DeFi innovation, establishing it as a key player in the race to decentralize finance.
In conclusion, the integration of Uniswap v3 on Polygon’s zkEVM is a significant milestone for the DeFi industry, opening up new possibilities for users and developers. With its zero-knowledge proofs and fast finality, the Polygon zkEVM offers a secure, efficient, and cost-effective platform for decentralized finance transactions. As more platforms integrate with zk-rollups, the scalability and efficiency of DeFi will only improve, bringing financial empowerment and inclusion to more people around the world.