Uniswap expands into 2 networks outside of Ethereum

Uniswap expands into 2 networks outside of Ethereum

Key facts:
  • Gnosis and Moonbeam are the new destinations of the decentralized exchange, Uniswap V3.

  • The proposal passed the approval stage and the development team will handle the release.

Uniswap, the largest decentralized exchange that lives on Ethereum, will also launch on two other networks: Gnosis and Moonbeam.

It’s about two networks compatible with the programming languages ​​of Ethereum and its smart contractsso the implementation process —which is about to start— is expected to be brief.

Uniswap currently exists on Ethereum and second layer solutions such as Optimism and Arbitrum rollups. It is also available on Polygon, which is an Ethereum sidechain. Therefore, Gnosis and Moonbeam will be the first networks independent of Ethereum to which this decentralized exchange will be brought.

Gnosis is a network derived from Ethereum whose purpose is the development of decentralized finance ecosystems (DeFi) through predictive markets such as oracles. For its part, Moonbeam is a «parachain» which aims to achieve the integration of Polkadot and Ethereum in the same network.

Almost unanimous vote for Uniswap expansion

Because Uniswap works under the format of decentralized autonomous organization (DAO, for its acronym in English) the holders of the platform’s native token, UNI, were in charge of vote for platform expansion, days ago.

Uniswap expands into 2 networks outside of Ethereum
From now on, developers will focus on rolling out Uniswap on both chains. Source: @Uniswap / Twitter

the vote, had almost unanimous approval for both networks with just 3,000 votes against (less than 0.1% of more than 40 million votes counted in each one).

Uniswap wants to be a leading “multi-chain” exchange

In the proposal expansion to Moonbeam explained what is the objective of developing Uniswap also in other networksoutside of Ethereum:

Implementation on Moonbeam will expand the Uniswap community to include users from the Polkadot ecosystem, helping Uniswap on its journey to become a leading multi-chain product in the world.

Uniswap implementation proposal on Moonbeam.

Both Moonbeam and Gnosis will make monetary contributions to Uniswap, of USD 2.5 million and USD 10 million, respectively.

In Moonbeam’s case, the purpose of the donations will be the power to grant scholarships, while the Gnosis money will be used for provide liquidity to the exchange on your network.

Uniswap is one of Vitalik Buterin’s favorite exchanges

Uniswap owns, according to DeFiLlama, the fifth largest TVL (total value locked) of all DeFi within Ethereum, thus making it one of the most important within the network.

These merits that Uniswap has achieved have drawn the attention of Ethereum’s own co-creator, Vitalik Buterin, who, on repeated occasions, it has shown its support for this platform.

On one occasion, as reported by CriptoNoticias, Buterin suggested that, given the importance that Uniswap plays within the entire ecosystem, the platform should consider becoming an oracle. These serve as an intermediary between real-world information, such as cryptocurrency prices, and the information that lives within the blockchain.

Such is the approach that, according to the official Uniswap portal, the creator of Uniswap, Hayden Zadams, had a meeting with Buterin himself who helped shape what this platform is today.

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