Decentralized exchange Uniswap appears poised to launch on scaling solutions provider Polygon’s new zero-knowledge Ethereum Virtual Machine (zkEVM) rollup solution.
And Uniswap, Token holders must vote on the proposal to start Uniswap v3 on zkEVM before 9:05 pm UTC on April 14th, and the 40 million vote threshold required for the proposal to pass has been reached, with more than 42.4 million votes in support change.
According to Tally, a voting dashboard for decentralized finance projects, all 191 ethereum addresses voted in favor of the proposal, with financial modeling platform Gauntlet and ethereum infrastructure provider ConsenSys leading the way with more than 7 million votes each. The proposal’s author, Polygon’s head of business development, Jack Melnick, believes that now is the “right time” to make Uniswap v3 available on Polygon’s zkEVM, as it is an “EVM equivalent” meaning EVM smart contracts don’t need to be recompiled:
“Offering Uniswap on an EVM-compatible ZK rollup has significant value. Early deployment on zkEVM will help cement Uniswap’s position as the #1 DEX and thought leader.”
The integration will also provide verification and fast finalization for off-chain transactions, Melnick said. Additionally, he explained that the high adoption rate Polygon has managed to capitalize on makes integrating on Polygon’s zkEVM a “priority.”
As for what factors would make such a deployment boom or bust, Melnick pointed to a few key on-chain metrics: “Successful zkEVM deployment will grow Uniswap’s total addressable market in TVL, unique interactive wallets, transaction volume, and integrations with partner dApps in an organic and ongoing manner.”
“As the demand for the zk blockchain and its proximity to Ethereum increases, users and builders will increasingly look to zkEVM solutions to build and transact,” he added. Melnick believes the integration will pose “minimal risk,” at least “relative to” other blockchains, since Polygon zkEVM uses zero-knowledge proofs to inherit the security of ethereum.
Melnick added that Polygon Bridge has been “disintermediated” and data will come from “reputable” oracle providers, which he expects will only strengthen protocol-level security. Polygon’s zkEVM officially launched its mainnet on March 27. In a similar move, Uniswap v3 integrated with BNB Chain, a smart contract blockchain built by Binance, on March 15.
The governance vote was less pronounced though, with only 65% voting in favor of the proposal. American venture capital firm Andreessen Horowitz (a16z) the largest UNI token holder voted against the BNB proposal with its 15 million UNI tokens.
