Uniswap V3 is a leading Ethereum-based automated market maker platform that will soon launch on the Polygon blockchain as well. According to an official Uniswap Labs tweet, more than 72 million votes were cast in favor of the proposal. This represents an impressive 99.3% of all votes.
The tweet also detailed that following the almost unanimous vote, the new Polygon smart contracts will be deployed in a couple of days. Uniswap V3 is among the most utilized AMMs on the Ethereum blockchain. According to DappRadar data, the platform attracted close to a quarter of a million unique active wallets in the past thirty days.
Uniswap V3 has already created a large community of users and supporters who turn to it for DeFi services on the Ethereum blockchain. However, integrating the Polygon blockchain will likely have a positive effect on the AMMs performance. Predominantly because of the considerably lower gas fees on the Polygon blockchain.
Uniswap V3 takes on QuickSwap
As a leader on the Ethereum blockchain, Uniswap V3 has the potential to disrupt the DeFi sector on Polygon as well. Currently, QuickSwap is a leader in the DappRadar Polygon Exchanges chart. However, Uniswap V3’s already established brand and name can change that.
Importantly, QuickSwap is a forked version from Uniswap V2, and therefore functions very similar to that particular version of Uniswap. Considering this, it will be a curious competition to look out for. Uniswap V3 separates itself from its predecessor by introducing liquidity position ranges as NFTs, allowing liquidity providers to earn a split of the fees based on the value range their NFT supports. DappRadar will keep a close eye on the budding rivalry, as the Polygon blockchain continues to grow its DeFi ecosystem.
QuickSwap loyalty?
Of course, there is also a loyalty factor that must be considered. It is true Uniswap V3 might bring a new audience to the Polygon blockchain. However, the users who already use Polygon daily might not be too quick to shift to the new AMM. QuickSwap has garnered a level of trust and reliability for itself, becoming the leading DeFi solution on Polygon. Considering this, it will be interesting to monitor whether loyalty plays a role in the crypto space.
Importantly, Uniswap V3’s Polygon integration is further proof that the low-gas fee protocol is taking a slice of the DeFi space. Ethereum is still a leader in the industry in terms of innovation and TVL. However, Polygon is growing its competitive advantages.
DappRadar will continue monitoring the DeFi space and the upcoming competition between QuickSwap and Uniswap V3. If you want to explore detailed DeFi data and rankings yourself, check out the DappRadar DeFi page. Keep in mind, you can also get DappRadar PRO. PRO access will allow you to enjoy a much more interactive data-browsing experience, thanks to customizable filters.
