Uniswap to Deploy on Privacy-Focused zkSync Following Community Vote
The proposal passed with nearly 100% of all votes in favor of the move.
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.
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