Decentralized exchange Uniswap and layer-2 blockchain company Polygon announced Uniwap is now available on Polygon, a technology built to ease some of the strain on Ethereum's network.

Uniswap, the biggest decentralized application on Ethereum is governed by its users, mostly through their UNI token. In addition to deploying smart contracts on Polygon, its users voted to reduce transaction costs.

Mihailo Bjelic, the Polygon co-founder, said today in an announcement that, "With this deployment, Uniswap as the flagship Ethereum project returns back to the original promise and again offers low fees and open access to everyone."

Uniswap is already running on two companions, or layer 2 systems, namely Arbitrum and Optimism. The firm estimates that approximately $62.19 million in value is locked on Arbitrum, and approximately $36.94 million is locked in Optimism. This comes nowhere close to Uniswap's overall market cap of $8.75 billion on the Ethereum mainnet version.

Curve's $22.23 billion in revenue, on the other hand, makes it the largest decentralized financial protocol. There are several blockchains and layer 2 systems that are currently supported by Curve, including Avalanche, Harmony, and Polygon.

The Defi Llama data indicates that Polygon is the No. 7 chain by TVL. Polygon's co-founder Bjelic predicts that Uniswap would be a huge success on the network.

In an effort to rival Ethereum, Polygon has announced a $200 million partnership with Seven Seven Six, a venture capital firm owned by Reddit co-founder Alexis Ohanian.

Polygon's rapid growth this year was enabled by the launch of more than 3,000 decentralized on-chain applications and other protocol launches, as reported by Cointelegraph. Polygon will also host gaming applications and social media platforms using its infrastructure, as per the reports.

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Pavan A

CBW - External Analyst

INDIA