Uniswap V3 Contracts Go Live On Polygon As MATIC Experiences Increased Gains While Approaching All-Time Highs

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Polygon (MATIC) announced on its official site that following a community vote to Ethereum’s flagship project, Uniswap, now has its V3 contracts live on the layer-two scaling solution with benefits including lower gas fees, faster transactions, and increased users among several others. Support for Polygon has also been integrated with the AMM’s (automated market maker) official interface.

By Andrew Senior
December 23rd, 2021

This follows the majority vote (72 million UNI holders) from the Uniswap community that were in favor of the Polygon team’s November 20 proposal. The vote, which was closed just five days ago, had widespread support with only 503,000 token holders in opposition.

There are several major benefits from the deployment of Uniswap on their network according to the Polygon team. First and most importantly, it showcases the value that Polygon brings to the Ethereum ecosystem bringing further legitimacy to Polygon. There are currently 126 million users, and over 3,000 applications. Polygon has achieved over 1.22 billion transactions in its lifetime. Currently, Polygon’s total value locked (TVL) stands at a staggering $5.2 billion and at some point this year, the number of active addresses on Polygon surpassed those of Ethereum.

The Polygon team commented on their recent success saying it was possible because of “thousands of hours of relentless work and the undeterred support of the entire Ethereum community.”

Polygon offers open user access with lower fees and near-instant transactions, all aspects of the network which benefit Uniswap. Ethereum’s layer-1 has been hindered by incredibly high transaction fees, handcuffing its use to large token holders and high-value transactions, both aspects of the network effectively work against the stated  goals of inclusivity and democratization.

Polygon has earmarked $20 million in financial incentives for the initiative with $15 million committed to long-term liquidity mining while the remainder will be reserved for Uniswap’s overall adoption.

MATIC is currently valued at $2.60, just shy of its $2.70 all-time high after seeing gains of 24.3 percent in the week and 69.3 percent up in the last month.

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