Monday, April 22, 2024

The deployment of Uniswap v3 contracts on Polygon was unanimously authorised at 99.3 percent.

The governance proposal to deploy Uniswap v3 contracts ahead of the Polygon PoS chain has been approved by the Uniswap community. The participation, in excess of 72.6 million votes, in an on-chain vote made the approval possible.

Uniswap labs revealed that it would deploy the Uniswap v3 contracts supported by a fund of $20 million. This is based on a 99.3% approval consensus. The $20 million fund accounts for $15 million for long-term liquidity mining and $5 million earmarked for the adoption of Uniswap on MATIC.

Also, the CEO of Polygon, Mihailo Bjelic, made an announcement that the moment was now just right for Uniswap to deploy on MATIC. This was based on the fact of it being the largest DeFi ecosystem after Ethereum L1. Bjelic also added that he was willing to incentivize, technologically and financially, the adoption of Uniswap.

Uniswap v3 Adoption

The adoption, Bjelic opined, would drive the growth of the user base, spur savings for the users, lead to higher user activity, and more generally, lead to the return to DeFi’s original vision.

Bjelic released some checks to gauge consumer sentiment even before the on-chain voting began for the governance proposal UP010. The consensus and temperature checks were meant to assess the sentiment around Uniswap v3 deployment.

The consensus check 17 garnered a total of 44 million yes votes (98.87%) and 500K no votes (1.13%). The temperature check 7 cleared with 100% yes votes.

Initiatives to Increase Adoption

Together with Seven Seven Six, a VC fund owned by the Reddit co-founder Alexis Ohanian, Polygon announced a $200 million initiative. The initiative is aimed at maintaining a competitive position in relation to the ethereum ecosystem. The initiative will support the hosting of gaming applications and SM platforms built on polygon infrastructure. The growth of polygon can also be attributed to the introduction of more than 3000 on-chain applications besides several protocol launches.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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