Today, DeFipowerhouse Uniswap made the announcement that it would be launching on Polkadot.
A near-unanimous governance vote initially supported by Blockchain at Berkeley, a student organisation affiliated with UC Berkeley, and revived by Blockchain at Michigan, another educational organisation, led to the decision to start a shop on Polkadot.
The current initiative chose to install Uniswap’s smart contracts on the Wormhole Bridge instead of the Nomad bridge service used by the first initiative.
The well-known decentralised exchange (DEX) will roll out its V3 iteration Polkadot customers in about a month. This version promises many advantages over earlier iterations, including increased capital efficiency, more adaptable fee structures, and enhanced user experience.
Moonbeam, a parachain (independent, sovereign blockchain) running atop the network, is responsible for Uniswap V3 on Polkadot.
In an email to Decrypt, a Uniswap representative stated, “For UNI being a bluechip and always being at the forefront of DeFi innovation, we always intended to have Uniswap installed on Polkadot in some way, shape, or form.
The spokesman noted that Moonbeam approached Polkadot in 2022 and persuaded them to allow Uniswap V3 smart contracts to run on the parachain.
Moonbeam is presently witnessing the highest level of DeFi activity within the Polkadot ecosystem. This can be attributed to its parachain design, deemed the most Ethereum Virtual Machine (EVM)-friendly among the ecosystem. As a result, Ethereum virtual deployments on Moonbeam are seamless and comparable to any other EVM-based blockchain. These two factors have played a significant role in the widespread acceptance of Moonbeam.
By ensuring that only some transactions compete with all other smart contracts in the network, these para chains seek to increase scalability.
This makes Polkadot an illustration of a multichain, occasionally referred to as a “layer zero” protocol, providing the architecture or backbone for these various parachains.