Key points to remember
- New governance proposals in the Uniswap community would deploy the app on the Moonbeam parachain and Polkadot’s Gnosis chain.
- The first proposal notes several advantages of working with Polkadot, including high development activity and a strong community presence.
- Uniswap is currently paving the way for decentralized exchanges on Ethereum, but has yet to expand to other blockchains.
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A community vote is underway to decide whether Uniswap, Ethereum’s most popular decentralized exchange, will roll out to Moonbeam, Polkadot’s first parachain, and Gnosis Chain. Uniswap has deployed on several Layer 2 scaling solutions, including Arbitrum, Polygon, and Optimism, but it has yet to expand outside of the Ethereum ecosystem.
Uniswap on Polkadot
Uniswap could broaden its horizons if a new governance proposal is any indication.
Voting has begun within the Uniswap community on a governance proposal to deploy the popular decentralized exchange on Moonbeam, a Polkadot parachain powering DeFi applications. Voting was launched on May 12 and, according to the head of Uniswap Labs Twitter feedends tomorrow May 19.
Voting is also underway on a similar proposal that would launch Uniswap on Gnosis Chain; this vote must end on May 20.
Although Uniswap is one of the most successful apps on Ethereum and has expanded its reach to include Polygon, Arbitrum, and Optimism, it has yet to make any moves outside of the Ethereum ecosystem. If the proposal is approved, it would be a major step in expanding Uniswap’s potential market.
According to the first proposal, a successful launch on Moonbeam would mean access to the larger target market of Polkadot users, which has remained largely unobtrusive from Uniswap users. Moonbeam, he notes, is the “de facto DeFi hub for Polkadot,” and the stated goal of the proposal is to become its primary liquidity hub and automated market maker. The Gnosis chain, meanwhile, has been targeted as “a growth-ready DeFi ecosystem.” Either way, the proposals aim to cement Uniswap as the premier player in the multi-chain DeFi space.
Moonbeam offers EVM compatibility, making it a convenient entry point for Ethereum developers looking to expand to Polkadot. This is in line with the stated ambition of the proposal to make Uniswap the leading multi-chain exchange on the market:
“Moonbeam is a Polkadot parachain that features EVM compatibility, allowing it to serve as an entry point for native Ethereum applications to participate in the larger Polkadot ecosystem. Rolling out to Moonbeam will expand the Uniswap community to include users across the Polkadot ecosystem, helping Uniswap on its journey to becoming a leading product in the multi-channel world.
Despite Polkadot’s somewhat languid performance in the market, the proposal expresses some confidence in the project, citing its consistently high development activity and a community that has grown in tandem with that of Ethereum.
The proposal stipulates that if successful, the deployment would take place approximately three to four weeks after the vote.
Disclosure: At the time of writing this article, the author of this article owned ETH, DOT, and several other cryptocurrencies.