Uniswap to Deploy on Privacy-Focused zkSync Following Community Vote

The proposal passed with nearly 100% of all votes in favor of the move.

AccessTimeIconOct 14, 2022 at 9:12 a.m. UTC
Updated Oct 14, 2022 at 5:58 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized exchange (DEX) Uniswap will soon be deployed on privacy-focused layer 2 tool zkSync following the completion of a governance vote.

Uniswap is a smart contracts-based crypto exchange whose governance token, UNI, allows users to trade, supply and borrow assets. zkSync, on the other hand, uses a novel technology called ZK Rollups to offer a privacy-focused scaling product that enables faster transactions at lower fees.

The proposal was put forth to the community by Matter Labs, which develops and maintains zkSync.

The firm said the zkSync ecosystem has more than 100 projects committed to launching on its main network, including top decentralized-finance (DeFi) platforms, infrastructure products and on/off ramps.

Matter Labs added that deploying Uniswap on zkSync will help get new users onboard and increase user activity on Uniswap by offering lower transaction fees than the Ethereum blockchain without compromising on security.

“There's significant value in Uniswap being available on an EVM-compatible ZK Rollup,” Matter Labs explained in its proposal, referring to Ethereum virtual machines. “Deploying early on zkSync helps solidify Uniswap's place as the number one DEX and a thought leader.”

The proposal passed with nearly 100% of all votes agreeing to deploy Uniswap on zkSync, with more than 72 million UNI tokens staked by users. Just 120 UNI were used to vote against the proposal, close to 0%.

zkSync has been on testnet since February and plans to launch its mainnet soon. In the proposal, developers stated that Uniswap’s launch on zkSync could occur in four to six weeks.

The move follows Uniswap Labs’ announcement on Thursday that it raised $165 million in a funding round that was led by Polychain Capital. The fresh capital will enable Uniswap to invest more in its web app and developer tools, NFT (non-fungible token) launch and move to support mobile users.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about