Uniswap V3 To Launch On Polygon zkEVM
Leading Decentralized Exchange Has Been Accelerating Deployments On Ethereum-compatible Blockchains
By: Samuel Haig •DeFi News
Uniswap, the leading decentralized exchange by trade volume, is poised to deploy its V3 iteration on Polygon’s newly launched zkEVM Layer 2 network after a unanimous governance vote.
“Deploying early on zkEVM helps solidify Uniswap’s place as the number one DEX and a thought leader,” the proposal reads. Uniswap was also quick to launch on Polygon’s PoS Chain, which remains it’s third largest deployment with a $98M in total value locked (TVL).
The protocol’s UNI token is relatively flat over the last month despite the broader market rally.
The move comes as competition among Layer 2s (L2s) heats up, with Polygon and Matter Labs both launching rollups powered by zero-knowledge proofs, so-called zkEVMs, last month. The two projects are simultaneously vying for early zkEVM dominance while looking to siphon market share away from the leading L2 incumbents, Arbitrum and Optimism.
zkEVMs Look To Disrupt L2 Sector
Polygon zkEVM has attracted just $3.9M in TVL since completing its beta mainnet launch on March 27, according to L2beat. Quickswap, the leading DEX on the Polygon PoS Chain, is currently the largest DeFi protocol on zkEVM. Sushi, a long-time rival of Uniswap, is also live on the network.
But despite launching just four days earlier, ZkSync Era, a rival zkEVM from Matter Labs, is already the fourth-largest Layer 2 network with a TVL of $242M. Matter Labs told The Defiant that Uniswap also plans to launch on ZkSync Era.
zkSync Era Crosses $200M In TVL While Polygon zkEVM Trails
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Layer 2 rollups emerged as the leading scaling solution for Ethereum in 2022. They work by bundling together transactions on L2 before submitting them to mainnet for finalization.
The leading L2s, Arbitrum and Optimism, are optimistic rollups, which offer high compatibility with the Ethereum Virtual Machine (EVM) — Ethereum’s core smart contract engine. However, users must wait seven days for mainnet withdrawals to finalize, to allow for fraud detection.
While zero-knowledge (ZK) proof-based rollups typically boast better privacy and faster finalization than optimistic rollups, early forays into ZK-rollups were hampered by specialized programming languages. This meant developers could easily port their code from mainnet to an optimistic rollup, but would need to rewrite their code to launch on a ZK-rollup.
However, a new generation of zkEVMs promises to combine the privacy and performance benefits of using zero-knowledge proofs to inherit Ethereum’s core safety, while also allowing developers to easily deploy code written for the EVM. In addition to Polygon ZkEVM and ZkSync Era, Scroll and ConsenSys are also tinkering with zkEVM solutions on testnets.
On Thursday, Uniswap launched its non-custodial wallet on iOS, which allows users to access the DEX directly from the wallet interface.
The wallet features native support for Ethereum, Polygon, Arbitrum, and Optimism, and supports debit and credit card funding via a partnership with Moonpay.