eCryp.to
Crypto News & Watchlists

Uniswap Deploys to Polygon as MATIC Hits All-Time High

In an announcement on Dec. 22, Uniswap Labs reported that it had launched the DEX on the Polygon network.

Polygon co-founder Mihailo Bjelic submitted a proposal to Uniswap governance in November to deploy Uniswap v3 on Polygon, and it was voted in last week.

It had overwhelming support, with more than 72 million UNI tokens pledged as a vote for the proposal, which has now passed. Just 500K UNI tokens were pledged as a vote against the proposal when voting ended on Dec. 18.

Users can now swap tokens on Uniswap using the Polygon layer two network, which offers faster and cheaper transactions. Polygon has just announced a partnership with the Opera browser.

Uniswap Keeps Growing

Uniswap is still king of the DEXes, with a market share by volume of 76.8% over the past week, according to Dune analytics. It has processed $16.4 billion over the past seven days and $1.8 billion in the past 24 hours.

In terms of monthly volumes, Uniswap processed $83.8 billion in November, way ahead of its closest rival and former clone, SushiSwap, with $7.9 billion for the month. According to DeFiLlama, there is $8.98 billion in total value locked on Uniswap. Furthermore, it has surged by 311% since the beginning of this year. The DEX is ranked 9th in the DeFi TVL charts, just below Compound Finance.

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

The native token, UNI, has gained 10.7% on the day to reach $17.02, according to CoinGecko. However, UNI has been hit hard since its May all-time high of $44.92, having dumped 62.7% from that peak.

Earlier this month, Uniswap introduced Auto Router Support on layer 2 networks in order to optimize token swaps while offering gas savings.

MATIC at ATH

Polygon’s native token, MATIC, has fared much better this year. It hit an all-time high of $2.70 during the Thursday morning Asian trading session and is currently a touch below that level.

Over the past week, MATIC has surged an impressive 26.4%, and on the month, the token has made 72%. The Polygon token is one of this year’s best-performing cryptocurrencies, with a whopping gain of 15,320% since January 1.

It is currently ranked at 14th in the market cap charts with $18.4 billion.

Leave a Reply