The popular decentralized exchange has been launched on Polygon to attract more people. Polygon also announced its Opera browser integration.
In Short
- Developers implement Uniswap on Polygon for L2 transfers.
- Polygon (MATIC) records an all-time high in positive fundamentals.
- Opera browser announced the integration of Polygon.
Uniswap on Polygon
Popular decentralized exchange Uniswap and Ethereum scaling system Polygon said yesterday their developers implemented all Uniswap version 3 contracts on the Polygon mainnet. That means Uniswap is now available on Polygon. In other words, Uniswap users can now exchange tokens using the Polygon blockchain through the official Uniswap interface.
The rollout comes a few days after UNI incumbents voted to approve a governance proposal approving the deployment. It’s worth recalling that Polygon co-founder Mihailo Bjelic requested implementing Uniswap v3 on Polygon on the Uniswap governance site last month. Last week, the Uniswap community agreed to adopt the idea. Participants submitted over 72 million UNI tokens to support the proposal, with only 500 negative votes.
“Ethereum presented a noble vision of an open, borderless economic system accessible to all,” “With increased usage, Ethereum’s Layer 1 fees have” effectively “discounted the majority of users.“
The Polygon version of Uniswap wants that change to happen, he added.
“With this implementation, Uniswap as Ethereum’s flagship application returns to the original vision and again offers low fees and open access for everyone.” Mihailo Bjelic
The world’s most popular DEX users will now access high-speed, low-cost token transfers and transfers via the Polygon Layer 2 network.
On December 15, Polygon announced the launch of Polygon Token Swap, a new feature added to its native wallet that enables instant token swaps and a DEX aggregator. According to DappRadar, nearly $4 billion in total value is locked up in various DeFi protocols on the Polygon network.
Uniswap by the numbers
Uniswap is already implemented in two complementary or layer two systems, Arbitrum, and Optimism, as the largest DEX by trading volume. According to Defi Llama data, about $62.19 million in value is locked into Uniswap on Arbitrum, while approximately $36.94 million in tokens are locked into the Optimism version.
Both numbers are much smaller than the total value locked (TVL) on the Ethereum mainnet version of Uniswap: $8.75 billion. That said, Uniswap’s total locked value lags behind Curve’s $22.23 billion, the most significant decentralized finance (DeFi) protocol by that metric. Curve supports several blockchains and layer two systems, including Avalanche, Harmony, and Polygon.
Bjelic, Polygon’s co-founder, said that Uniswap would have a great hit on Polygon, citing the network’s already thriving DeFi ecosystem. According to Defi Llama data, Polygon is currently the No. 7 network by TVL.
A blockchain data firm Chainalysis report said people are still mainly DeFi by experienced crypto investors. This is due to costly transaction fees on the Ethereum blockchain. Scaling projects like Polygon have benefited from Ethereum’s high-fee problem.
Polygon recent news
Recently, some key developments have driven MATIC and Polygon’s sweet moments. On December 22, the popular Opera web browser announced integrating with Polygon to enable Ethereum Layer 2 capabilities and DApp access in its browser.
The integration will occur in Q1 2022, enabling millions of Opera users to access over 3,000 DApps on the Polygon network. Opera already has a Web3 mobile browser with a built-in cryptocurrency wallet, so it will now provide faster and cheaper Ethereum transactions over the Layer 2 network.
“Our cooperation with Polygon will allow us to eliminate the biggest challenge that crypto enthusiasts now face: high gas rates and slow transaction speeds.“
Jørgen Arnesen, Opera Mobile EVP
Polygon prices
Many positive fundamental developments have pushed Ethereum’s native Layer 2 aggregator token, Polygon, to a new all-time high. Polygon’s native token, called MATIC, reached an all-time high a few hours ago during the Asian trading session on Thursday morning.
The token hit $2.7 after surging 6% in 24 hours and 26% last week. MATIC has been one of the best-performing cryptocurrencies this year, mainly defying the recent market correction.
MATIC’s first rally came in mid-May when it rose to $2.45. The token then retreated to $0.70 in late July before beginning its surge. At the beginning of this year, MATIC was trading at just $0.017. Since then, it has risen a whopping 15,200% through 2021. The token was trading recently at $2.68, according to CoinGecko. It ranks 14th in the market capitalization charts with $18.4 billion.