Uniswap votes in favor of deploying Polygon’s zkEVM

The decentralized exchange Uniswap has held a vote for the launch of the Polygon scaling roll-up solution zkEVM. Although the voting isn’t just yet closed, all 191 UNI token holders have voted in favor.

Polygon released its open-source zkEVM, a zero-knowledge rollup scaling solution equivalent to the Ethereum Virtual Machine, on the mainnet on March 27. This technology allows a large number of transactions to be bundled off-chain, with only minimal data proof posted on the Ethereum mainnet.

Polygon’s zkEVM matches Ethereum’s transaction execution to scale through transaction batching, resulting in higher performance.

Jack Melnick, business development lead at Polygon and author of the proposal, said it’s the right time to implement Uniswap V3 on Polygon’s zkEVM because it’s EVM-equivalent, eliminating the need to recompile smart contracts:

There’s significant value in Uniswap being available on an EVM compatible ZK rollup. Deploying early on zkEVM helps solidify Uniswap’s place as the number one DEX and a thought leader.

Financial modeling platform Gauntlet and Ethereum infrastructure provider ConsenSys are a clear testament to Jack Melnick’s words that:

As demand for zk-blockchains and proximity to Ethereum rises, users and builders will increasingly look to zkEVM solutions to build and trade.

This is because Polygon has managed to attract a large number of users in recent years, making the introduction of a smart contract for Uniswap the DEX’s priority.

As for security, the author of the proposal is confident that the integration poses minimal risks, as Polygon zkEVM uses zero-knowledge proofs mimicking Ethereum’s security. To further strengthen security measures, Polygon Bridge has been “disintermediated”, and data is sourced from Oracle providers.

All this leads up to the following conclusion: 

A successful zkEVM deployment will, in an organic and sustained manner, grow Uniswap’s Total Addressable Market across TVL, unique interacting wallet, volumes, and integration with partner dApps.