Uniswap, the well-known cryptocurrency exchange, is about to release on Moonbeam, a Polkadot network parachain. The Moonbeam community gave consent to the proposal on May 17, with almost unanimous support, and only one UNI token voted against it. The project was led by Blockchain at Michigan, an educational organization.
The technical aspects of the proposal will be managed by GFX Labs, while Warmhole will act as the bridge provider for cross-chain messaging solution. Michigan Blockchain, with more than 2.5 million UNI tokens, supported and managed the on-chain votes for the Uniswap V3 proposal.
Uniswap V3’s presence in the Polkadot system is beneficial in enabling a broader adoption of blockchain. Polkadot’s multi-chain potential enhances DeFi ecosystems and promotes higher market liquidity on the Uniswap network.
Polkadot is composed of interconnected blockchain networks called “parachains,” which share security through the Polkadot relay chain. Moonbeam, a Parachain on Polkadot, is designed to offer a developer-friendly environment that resembles Ethereum. Its aim is to simplify the process of moving Ethereum applications to the Polkadot ecosystem.
According to CoinMarketCap, Uniswap, the most extensive DEX in the world, has a daily trade volume of over $480 million. It has spread beyond Ethereum, launching on BNB Chain and Polygon zkEVm. A new iOS app has made it easier for users to get on board. In Q2, Uniswap V3 took over 50.3% of the total DEX volume, according to CCData reports.
Compiled by Coinbold