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, one of the largest decentralized exchanges on, was launched on Polygon. In this regard, the founder of Polygon, Mihailo Bjelic, noted that Polygon has the “second strongest DeFi ecosystem” after Ethereum itself. “Polygon has grown exponentially in almost every major metric,” he observed, adding that Polygon has 126 million users, 1.22 billion transactions and $ 5.2 billion in blocked value.
In his original Uniswap proposal, Bjelic also stated that Polygon is “aligned with Ethereum and its values” and “proven”. He noted the benefits, including possible savings for users, and said Polygon can help “get back to the original vision of DeFi.”
Bjelic also said Uniswap could encourage Ethereum adoption and will pledge $ 20 million to that end. This amount includes $ 15 million specifically earmarked for cash mining rewards.
Uniswap holders voted to adopt the proposal on December 18 with 99.3% support. 72 million votes were in favor of the proposal, while around 500,000 votes were against it.
Ethereum dominates Uniswap repositories
Historically, Ethereum has suffered from high fees and long transaction times. While Ethereum 2.0 aims to address these issues in the future, Polygon, as a Layer 2 network, may offload some of these transactions in the meantime.
Despite its problems, Ethereum nonetheless dominates Uniswap deposits and represents $ 4.3 billion in blocked value. The other Tier 2 networks that Uniswap has been deployed to have attracted significantly less funds: Arbitrum and Optimism only brought in $ 62.3 million and $ 36.9 million in stranded funds, respectively.
The Polygon version of Uniswap has currently attracted only a fraction of those amounts, with $ 2.9 million locked in. It seems likely that this amount will increase in the days and weeks to come.
Polygon is growing in popularity
The news comes just as the company behind the Opera browser announced it will support decentralized apps on Polygon.
It also comes days after the venture capital firm of Reddit co-founder Alexis Ohanian announced a $ 200 million social media and Web3 development fund, which will be offered in conjunction with Polygon.
Polygon’s MATIC token is currently the 14th largest cryptocurrency, with a market cap of $ 18 billion. News of Polygon’s launch correlates with the price of MATIC, which today hit an all-time high of $ 2.66.
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