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Decentralized trading giant Uniswap grabs 50% of Polygon market share

Decentralized trading giant Uniswap grabs 50% of Polygon market share

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Answer Decentralized trading giant Uniswap grabs 50% of Polygon market share

Uniswap, the decentralized trading platform, has become the most prominent platform on the Polygon blockchain, accounting there for nearly 50% of the market share.

Uniswap managed to achieve this feat only three months after it was published on Polygon.

The “Uniswap” platform overwhelms “Polygon”:

Uniswap Labs, the company behind the popular DeFi protocol Uniswap, tweeted, citing data collected by Dune Analytics, which showed Uniswap’s market share of 49.5% on Polygon.

A proposal to publish Uniswap v3 for the first time on Polygon was made in November of last year by the co-founder of Polygon and it was met with overwhelming support, with his proposal being voted on by more than 72 million UNI which were pledged as a vote for the proposal.

The following month, Uniswap saw an expansion across the Polygon network, driving up the price of its MATIC cryptocurrency.

Despite losing market share over the past few months, Uniswap is still able to maintain a 71% dominance in the world of DEX.

Trading volume on Uniswap last week was nearly $10 billion.

Uniswap and more expansion:

Uniswap’s latest upgrade includes an updated automatic router that aims to improve pricing as well as improve the gas cost (fees) of exchanges by routing deals via Uniswap v2 and v3 suites.

The ultimate goal is to provide users with the ability to track the true cost of a swap in real time directly from the application interface.

Besides optimizing gas costs, the new version also focused on setting the best price across all Uniswap protocols.

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Last week, Uniswap Labs announced the release of a tool called “Swap Widget” that enables developers and dapp operators to embed Uniswap DEX with a single line of code.

This will allow developers to integrate Uniswap into their third-party applications.

In a statement, the company said:

We envision a world in which everyone has access to fair, open and transparent markets.

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The Swap Widget brings this vision closer to reality by allowing developers to easily include Uniswap swap functionality, allowing their users to easily swap digital tokens, join a community or DAO, wrap assets, and more without leaving their apps.

The “Swap Widget” function was launched on popular 3 web applications such as “OpenSea” and “Oasis.app”.

In an effort to boost its involvement in the Web 3 sector, Uniswap also revealed its investment arm earlier this month.

The company, Uniswap Labs Ventures, revealed that it intends to focus on 3 emerging web projects at different stages and levels.

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