- zkSync provides a scalable solution that allows for quicker transactions at reduced prices.
- The proposal passed with almost 100% of the vote in favor.
Following the conclusion of a governance vote, the Uniswap decentralized exchange (DEX) will be integrated into the zkSync layer 2 privacy tool.
Users of Uniswap, a decentralized cryptocurrency exchange built on smart contracts, may buy, sell, and borrow assets using the UNI token that serves as the exchange’s governance mechanism. While zkSync is concerned with user privacy, it provides a scalable solution that allows for quicker transactions at reduced prices by using a unique mechanism known as ZK Rollups.
Matter Labs, the company behind zkSync’s creation and upkeep, has proposed the change to the community. Top decentralized finance (DeFi) platforms, infrastructure solutions, and on/off ramps are among the more than a hundred projects the company claims to debut on the zkSync main network.
As an extra bonus, Matter Labs claims that deploying Uniswap on zkSync would help attract new users and boost user engagement on Uniswap by providing cheaper transaction costs than the Ethereum blockchain without sacrificing security.
More than 72 million UNI tokens were staked by users, and the proposal passed with almost 100% of the vote in favor of deploying Uniswap on zkSync. Nearly 0% of the UNI were utilized to vote against the plan, with just 120 UNI cast.
In the proposal, the developers estimated that it would take four to six weeks to deploy Uniswap on zkSync.
This development followed Uniswap Labs’ Thursday statement that it had closed a $165 million investment round, with Polychain Capital serving as the round’s lead investor. With this new funding, Uniswap will be able to expand its web app and developer tools, roll out its NFT (non-fungible token), and begin catering to mobile users.
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