Crypto

Uniswap Deploys to Polygon as MATIC Hits an All-Time High

Uniswap Deploys to Polygon as MATIC Hits an All-Time High

As MATIC Hits an All-Time High, Uniswap Deploys to Polygon.

With its deployment on ETH layer 2 aggregator Polygon, the world’s most popular decentralized exchange has been accelerated.

Uniswap Labs announced on December 22 that the DEX had been released on the Polygon network.

Polygon co-founder Mihailo Bjelic proposed deploying Uniswap v3 on Polygon to Uniswap governance in November, and it was approved last week.

It received widespread support, with over 72 million UNI tokens committed as a vote in favor of the proposition, which was approved. When voting finished on Dec. 18, only 500K UNI tokens have been pledged as a vote against the plan.

On Uniswap, users can now swap tokens utilizing the Polygon layer two networks, which allows for faster and less expensive transactions. Polygon just announced a collaboration with the Opera browser.

Uniswap Continues to Expand

According to Dune data, Uniswap is still the king of the DEXes, with a market share by volume of 76.8% during the past week. In the last seven days, it has handled $16.4 billion, with $1.8 billion in the last 24 hours.

In terms of monthly volumes, Uniswap processed $83.8 billion in November, much above its closest competitor and erstwhile clone, SushiSwap, which processed $7.9 billion. According to DeFiLlama, the entire value locked on Uniswap is $8.98 billion. It has also increased by 311 percent since the beginning of the year. In the DeFi TVL charts, the DEX is ranked 9th, barely behind Compound Finance.

According to Cryptofees, Uniswap is second only to Ethereum in terms of platform fees generated, with $4 billion in average 7-day fees generated.

According to CoinGecko, the native token, UNI, has risen 10.7% on the day to $17.02. UNI, on the other hand, has been battered since hitting an all-time high of $44.92 in May, losing 62.7 percent since then.

Uniswap launched Auto Router Support on layer 2 networks earlier this month to maximize token swaps while saving gas.

MATIC at ATH This year, Polygon’s native token, MATIC, has performed substantially better. It reached an all-time high of $2.70 during the Asian trading session on Thursday morning and is currently trading just below that level.

MATIC has gained 26.4 percent in the last week, and the token has gained 72 percent in the last month. With a stunning rise of 15,320 percent since January 1, the Polygon token is one of the year’s best-performing cryptocurrencies.

With a market capitalization of $18.4 billion, it is now placed 14th.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.