Uniswap is one of Ethereum’s (ETH) largest decentralized exchanges, and it has recently been implemented in Polygon.
Is Uniswap on Polygon?
Uniswap happens to be one of Ethereum’s largest decentralized exchanges, and it has recently launched on the Polygon network.
Recently, polygon founder Mihailo Bjelic noted that Polygon has “the second most powerful DeFi ecosystem” after Ethereum itself. He stated that Polygon had grown exponentially across almost every key-value, adding that Polygon currently has around 126 million users, 1.22 billion transactions and a combined total of $5.2 billion in locked-in value.
In his original Uniswap proposal, Bjelic stated that Polygon is aligned with the Ethereum network and its values, and it is battle-tested. Bjelic also noted the benefits of Polygon, which includes potential savings for users, and said Polygon could help get back to the original DeFi vision.
Bjelic also said Uniswap could encourage adoption and pledge $20 million to that end. This includes $15 million specifically for liquidity mining rewards.
Uniswap holders voted to approve the proposal on December 18 with 99.3% support. Seventy-two million votes were in favour of the proposal, while around 500,000 votes were against the proposal.
Is Polygon Layer 2 a Substitute for Ethereum?
Ethereum (ETH) has always been affected by high commissions and long trading periods. While Ethereum 2.0 intends to fix these issues in the future, Polygon, as a Layer 2 network, may act as a substitute for some of these transactions in the meantime.
Despite its problems, Ethereum dominates Uniswap repositories and is responsible for a locked-in value of $4.3 billion. The other Tier 2 networks in which Uniswap has been implemented attracted significantly less: Optimism and Arbitrum contributed only $62.3 million and $36.9 million of locked funds, respectively.
The Polygon version of Uniswap has currently attracted only a fraction of that amount, with $2.9 million locked in. This number will definitely increase in the days and weeks to come.
Why is Polygon Growing so Popular?
This news came when Opera’s browser announced it would support decentralized apps on Polygon.
It also comes days after venture capital firm Reddit co-founder Alexis Ohanian announced a $200 million development plan for social media and Web3 to be offered with Polygon.
Polygon’s MATIC token is currently the 14th largest cryptocurrency, with a market cap of $18 billion. The news of Polygon’s launch correlates with the fact that MATIC prices hit an all-time high of $2.66.
Considering the recent developments and the craze behind Polygon and MATIC, users are still not sure how they can connect Uniswap with Polygon Layer 2.
How to connect and use UniSwap in Polygon Layer 2? Step-by-step guide
The latest dApp that can be used to be implemented on Polygon Layer 2 is Uniswap. However, some users don’t know how to use links together. Uniswap V3 contracts are now fully implemented in the Polygon PoS core network.
So how can users benefit from low commissions and fast transactions in Polygon’s growing network when trading tokens and withdrawing cash from the leading automated market maker?
It is very simple, and we have listed some of the steps below.
Step 1: Launch App
The good thing is that Polygon has already been added as one of the networks when you go to the Uniswap web address and select “Launch App”. Look for Polygon, and select Polygon from the list of networks.
Step 2: Interface
Once you are done with step 1, select the drop-down menu in the upper left corner of the Uniswap interface.
The drop-down menu displays the list of networks currently running on Uniswap:
Step 3: Connect to Uniswap with MetaMask
When you select Polygon, you will be prompted to sign in to Uniswap using an acceptable wallet service, such as Metamask.
Step 4: Use Token Bridge
Once logged in, Uniswap allows users to transfer Level 1 assets from Ethereum using the Polygon token bridge. Once you click on the bridge button, it will take you to a Polygon interface where you can sign and send tokens from Ethereum to Polygon.
With a few funds in your wallet, you can now trade tokens on Uniswap.
- The popular decentralized exchange Uniswap has been implemented in Polygon, which is a Layer 2 network for Ethereum.
- The proposal was approved with more than 99% of the votes, and $2.4 million has already been locked in the implementation of the Uniswap Polygon.
Nnamdi Adibe is a native English writer and can write about many things. With his writing skills, he can provide well-researched content.
Nnamdi Adibe is a prolific writer at gblogo.com. He is interested in bringing you perspectives on financial liberation, fun, and investment from the rare vantage point of experience.
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