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The Uniswap cryptocurrency exchange is set to launch on Moonbeam, a parachain within the Polkadot ecosystem, as indicated by a proposal approved on May 17 in the exchange’s governance forum. This proposal was introduced by the educational organization Blockchain at Michigan and received overwhelming support, with only one UNI token cast in opposition.
1/ @Uniswap – the leading decentralized exchange by daily trading volume – is arriving on Polkadot through the @MoonbeamNetwork parachain, enhancing volume & liquidity throughout the ecosystem! pic.twitter.com/lKaceLv6ce
— Polkadot (@Polkadot) May 17, 2023
The smart contracts for the exchange have been deployed to Moonbeam (GLMR), and the remaining steps for a complete launch include “front-end integration updates and adding Moonbeam to the auto router,” as noted in the proposal.
Initial liquidity on the exchange may be limited, as the proposal cautions that “[d]ue to volatile market conditions, commitments for liquidity bootstrapping have been temporarily removed.” Nonetheless, it mentions that Blockchain at Michigan is considering applying for a Moonbeam grant to facilitate liquidity as soon as feasible. If a grant is granted, it would be “on behalf of the DAO,” according to the proposal, suggesting that the funds would be managed by Uniswap’s decentralized autonomous organization.
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In a related statement from Polkadot (DOT) developer Parity Technologies, business development executive Omar Elassar expressed his belief that the new version would enhance speed and security for Uniswap users:
“Polkadot is a strong fit for Uniswap, whose users can discover everything the network’s parachains offer, such as high performance, scalability, security, and interoperability."
Polkadot consists of an interconnected network of blockchain systems known as “parachains.” These chains interlink and share security through the Polkadot relay chain. The Moonbeam parachain is particularly aimed at providing a developer-friendly environment akin to Ethereum, with the intention of simplifying the process for developers to migrate their Ethereum applications to the Polkadot ecosystem.
Related: Chainlink integrates with Moonbeam to provide price data for Polkadot
Uniswap is recognized as the largest decentralized exchange (DEX) globally by trading volume, processing over $480 million in trades daily, according to CoinMarketCap. Initially developed for the Ethereum network, it has been actively expanding into additional networks in recent months. Uniswap launched a version on the BNB Chain on March 15 and deployed to Polygon zkEVM on April 14. Additionally, it released an iOS mobile application on April 14 to assist in onboarding more users.
