The votes are in and the Uniswap community has spoken. Interestingly, almost 100% of the votes on a proposal to deploy Uniswap on Polygon were in favor of the integration. Thus, clearly highlighting the explosive popularity that layer-2 protocols have been receiving of late.
Almost a week ago, Polygon developers made a proposal on the Uniswap governance portal. This is in order to present their integration goals to the wider Uniswap community. The first phase of the governance process was launched on November 23. It included the Temperature Monitoring Survey, which attempted to gauge an initial consensus on the value of the proposal.
Reportedly, over 7.79 million Uniswap holders voted yes to deploying Uniswap V3 to the Polygon PoS chain. Well, only 25,000 favorable votes were required for the proposal to move on to the next phase.
Polygon said “now is the right time for this deployment to happen.” This could significantly reduce transaction costs and the time that users spend on the network. Mostly, by interacting with Ethereum. Additionally, expand the user base and revenue of decentralized exchange through scalability solutions.
The top DEXs like Sushiswap and Aave have already been deployed on Polygon. Well, the L2 protocol is ready to even allocate huge capital for this integration. Primarily, due to Uniswap’s respectable market position.
This includes participating in the design and execution of cash extraction campaigns. In addition to promoting Uniswap V3 as a “silver lego”.
Now that the temperature check poll has delivered a favorable outcome, the proposal will be moving to the next stage. It will be the “Consensus Check.” It requires 50,000 affirmative votes to be passed to the final stage of governance. Well, the purpose of the Consensus Check is to start a formal discussion by creating a new poll based on the feedback from the Temperature Check.
When a Twitter user pointed out that the rollout could take months to get live, Polygon co-founder Mihailo Bjelic answered,
“It can be done much quicker, assuming the governance process finishes successfully.”
Also, with the overwhelming support of the Uniswap community, a delay in this process would be rather unlikely at this point.
In fact, owing to the soaring gas fee and longer transaction time, many are migrating to Layer-2 protocols. It scales the network and drastically increases its throughput. Not to forget, Polygon has turned out to be one of the most successful of those, with around $4.74 billion total value locked at press time.
