As per a proposal approved on May 17 in Uniswap’s governance forum, the cryptocurrency exchange is set to become available on Moonbeam, a para chain belonging to the Polkadot network. Blockchain at Michigan, an educational organization, proposed the idea. With only one UNI token being used to vote against it, it was approved with overwhelming support.
The only tasks remaining to launch the exchange are “front-end integration updates and including Moonbeam to the auto-router,” according to the proposal. The smart contracts for the exchange have already been published to Moonbeam (GLMR).
The plan cautions that “[d]ue to tumultuous market conditions, promises of liquidity bootstrapping have been temporarily excised,” suggesting that initial liquidity on the exchange may be minimal. It also mentions that Michigan Blockchain is considering applying for a Moonbeam award to create liquidity quickly. The proposal stated that if a grant were authorized, it would be “on behalf of the DAO,” suggesting that Uniswap’s decentralized autonomous organization would retain money.
Business development manager Omar Elassar stated in an announcement from Polkadot DOT $5.27 creator Parity Technologies that he believed the new version would contribute to boosting performance and security for Uniswap users:
Uniswap finds a compatible match in Polkadot, where its users can explore the multitude of benefits offered by the network’s parachains, including exceptional performance, scalability, security, and interoperability.
Polkadot is a network of connected blockchains known as “para chains.” Through the Polkadot relay chain, these chains are linked and share security. To make it simple for developers to move their Ethereum apps to the Polkadot ecosystem, the Moonbeam para chain primarily offers a developer environment similar to Ethereum.
According to CoinMarketCap, Uniswap conducts about $480 million worth of trading daily, making it the world’s largest decentralized exchange (DEX) by trading volume. It was first developed for the Ethereum network, but over the past few months, it has aggressively branched out onto other networks. A BNB Chain version was released by Uniswap on March 15 and assigned to Polygon on April 14. On April 14, it also released an iOS mobile app to help with user onboarding.