Decentralized trading platform “UNISWAP” is preparing itself to work on the “POLYGON” blockchain

Decentralized trading platform “UNISWAP” is preparing itself to work on the “POLYGON” blockchain

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Answer Decentralized trading platform “UNISWAP” is preparing itself to work on the “POLYGON” blockchain

Before addressing the content of the news, we know in a simple way about what Uniswap is:

Uniswap is a decentralized finance (DeFi) protocol used for cryptocurrency trading.

It is also the name of the company that initially created the protocol.

Based on daily trading volumes, Uniswap is the largest decentralized exchange and the fourth largest trading platform overall in late 2020.

The “Uniswap” platform is preparing to work on “Polygon”:

Uniswap Labs announced on Twitter that the community has voted through the governance process to publish Uniswap v3 contracts on the Polygon blockchain.

The Twitter post shows that more than 72 million voted in favor of the proposal, and only about 500,000 voted against it.

Read:Canadian pension fund cancels investment in crypto-lending platform Celsius
Image source: CoinTelegraph

Polygon co-founder Mihalio Bjelic commented about Uniswap by saying:

I am very excited about integration, DeFi is seen as an open and inclusive financial system, so publishing on Polygon (and other solutions) can be seen as a return to this original vision.

He added:

Polygon can significantly enhance Uniswap’s user base since it has one of the strongest DeFi ecosystems.

While the co-founder pointed out that Aave which is an open source and decentralized protocol for earning interest on deposits and borrowing assets has seen a 10-fold increase in the number of its users and a 16-fold increase in user activity, after the protocol was deployed in the Polygon network.

$20 million fund:

Bjelik added that Polygon will explore the possibility of allocating approximately $20 million of its treasury to cash incentives.

He explained that this is something they haven’t done in a while, but Bejelik is open to a change like this, considering the importance of Uniswap as one of the leading decentralized finance protocols.

$15 million may be earmarked for long-term liquidity incentives, while the remaining $5 million will go to the DAO, which will be responsible for increasing Uniswap’s reliance on Polygon.

Read:Coinbase Cryptocurrency Exchange Lists Three New Cryptocurrencies… Get to Know It

Read also:

The Reserve Bank of India (RBI) continues to push for a complete ban on cryptocurrency

Instagram is planning to enter for the first time the arena of non-fungible tokens (NFT)

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