Uniswap Labs announced that the DEX was now live on the Polygon network in a Dec. 22 announcement.
Mihailo Bjelic, cofounder of Polygon, submitted a proposal for Uniswap governance last November to deploy Uniswap v3 onto Polygon. It was voted in last Wednesday.
It received overwhelming support. More than 72 million UNI tokens were pledged to vote in favor of the proposal. Only 500K UNI tokens were pledged to vote against the proposal after voting closed on December 18.
1/ We are excited to announce that @0xPolygon has deployed v3!
Polygon is a leader in scaling solutions, offering low gas fees, fast transactions and over 3000 applications hosted. 1B transactions have been processed.
— Uniswap Labs
December 22, 2021 (@Uniswap).
Users can now exchange tokens on Uniswap with the Polygon layer 2 network. This allows for faster and more affordable transactions. Polygon announced a partnership agreement with Opera browser.
Uniswap Keeps Growing
According to Dune analytics, Uniswap remains the king of DEXes with a market share of 76.8% in the last week. It has processed $16.4 million in the last seven days, and $1.8 billion within the past 24 hours.
Uniswap’s November volume was $83.8 billion. This is a significant increase over its nearest rival, SushiSwap (which had $7.9 billion). DeFiLlama estimates that Uniswap has $8.98 billion of total value. It has also increased by 311% since the start of this year. The DEX ranks 9th on the DeFi TVL charts, just behind Compound Finance.
Uniswap ranks second in terms of platform fees generated with $4 billion generated in average 7 day fees according to Cryptofees.
According to CoinGecko, the native token, UNI has gained 10.7% to reach $17.02, an increase of 10.7% over the previous day. However, UNI has suffered from a severe decline since the May high of $44.92, when it was at its highest point. It dropped 62.7% from that mark.
Uniswap launched Auto Router Support for layer 2 networks earlier this month to optimize token swaps and offer gas savings.
MATIC at ATH
Polygon’s native token MATIC has performed much better than last year. It reached an all-time high at $2.70 in the Thursday morning Asian trading session, but is currently just below that level.
MATIC has seen a dramatic increase of 26.4% in the last week. The token’s monthly performance has been 72%. Polygon token has seen a staggering 15,320% increase in value since January 1, making it one of the most successful cryptocurrencies of 2018.
It currently ranks 14th on the market cap charts, with $18.4 Billion.
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