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Polygon proposes UNI integration, stating that it is prepared to allocate ”considerable capital.”
Cryptocurrency transactions are at an all-time high due to rising adoption and a surge in DeFi activity. As a result, the most popular network, Ethereum, has become congested inadvertently. This has resulted in the rise of layer-2 scalability solutions such as Polygon, which provide faster and more affordable transactions.
Naturally, cryptocurrency exchanges are integrating these protocols as a result of increased user demand and personal growth. While this includes prominent decentralised exchanges (DEXs) like Sushiswap and Aave, Uniswap has yet to integrate Polygon into its network. The team behind the L2 solution has now submitted a proposal to the Uniswap Governance Forum for the purpose of deploying the Uniswap protocol on Polygon.
Scalability solutions reduce the load on Ethereum's mainnet, making transactions more affordable and faster. According to the proposal, Polygon's protocol currently has a value of around $4.77 billion, making it "the second strongest DeFi ecosystem, right behind Ethereum L1."
Polygon's rapid growth over the last year has resulted in partnerships with top Ethereum L1s such as Aave, Curve, and Sushiswap, as well as numerous smaller DeFi projects, according to the proposal. Additionally, it stated that Polygon's DeFi eco-system is "self-sustaining," as the company recently discontinued all liquidity mining incentives. Despite this, "we continue to see capital and user inflows, as well as extremely high user retention," the company added.
Additionally, the proposal detailed the benefits that Uniswap could derive from this deployment, including user growth comparable to that of Aave, which reached 700,000 active users on Polygon PoS. Additionally, it noted that lowering the fee would encourage more users to interact with the network, which would result in increased user activity.
To entice the DEX even more, the Polygon team has proposed incentivising Uniswap adoption on Polygon, as the ecosystem would feel "incomplete" without DeFi's "flagship project." It stated in detail,
"We could consider allocating a sizable portion of our treasury capital to encourage liquidity. Second, we can use a variety of non-monetary activities to aid in the growth of Uniswap on Polygon."
This includes involvement in the design and implementation of liquidity mining campaigns, as well as the promotion of Uniswap V3 as a "money lego."
A similar proposal was previously made by members of the Uniswap community and garnered widespread support.
In addition to the DEXs mentioned previously, centralised exchanges are integrating Ethereum scalability solutions. Only yesterday, Crypto.com announced that its users can now deposit and withdraw ETH via Polygon.
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By Crypto PiratesCryptocurrency transactions are at an all-time high due to rising adoption and a surge in DeFi activity. As a result, the most popular network, Ethereum, has become congested inadvertently. This has resulted in the rise of layer-2 scalability solutions such as Polygon, which provide faster and more affordable transactions.
Naturally, cryptocurrency exchanges are integrating these protocols as a result of increased user demand and personal growth. While this includes prominent decentralised exchanges (DEXs) like Sushiswap and Aave, Uniswap has yet to integrate Polygon into its network. The team behind the L2 solution has now submitted a proposal to the Uniswap Governance Forum for the purpose of deploying the Uniswap protocol on Polygon.
Scalability solutions reduce the load on Ethereum's mainnet, making transactions more affordable and faster. According to the proposal, Polygon's protocol currently has a value of around $4.77 billion, making it "the second strongest DeFi ecosystem, right behind Ethereum L1."
Polygon's rapid growth over the last year has resulted in partnerships with top Ethereum L1s such as Aave, Curve, and Sushiswap, as well as numerous smaller DeFi projects, according to the proposal. Additionally, it stated that Polygon's DeFi eco-system is "self-sustaining," as the company recently discontinued all liquidity mining incentives. Despite this, "we continue to see capital and user inflows, as well as extremely high user retention," the company added.
Additionally, the proposal detailed the benefits that Uniswap could derive from this deployment, including user growth comparable to that of Aave, which reached 700,000 active users on Polygon PoS. Additionally, it noted that lowering the fee would encourage more users to interact with the network, which would result in increased user activity.
To entice the DEX even more, the Polygon team has proposed incentivising Uniswap adoption on Polygon, as the ecosystem would feel "incomplete" without DeFi's "flagship project." It stated in detail,
"We could consider allocating a sizable portion of our treasury capital to encourage liquidity. Second, we can use a variety of non-monetary activities to aid in the growth of Uniswap on Polygon."
This includes involvement in the design and implementation of liquidity mining campaigns, as well as the promotion of Uniswap V3 as a "money lego."
A similar proposal was previously made by members of the Uniswap community and garnered widespread support.
In addition to the DEXs mentioned previously, centralised exchanges are integrating Ethereum scalability solutions. Only yesterday, Crypto.com announced that its users can now deposit and withdraw ETH via Polygon.
Support us!