Uniswap Launches on Polygon Driving MATIC to All-Time Highs

Popular decentralized exchange Uniswap and Ethereum scaling solution Polygon announced that all Uniswap V3 contracts are officially deployed to the Polygon mainnet on Wednesday, a few days after UNI holders voted to pass a governance proposal to do so.

Amid the latest development, prices of MATIC and UNI were both in the green, with MATIC, the native assets of the Polygon network, hitting a fresh all-time high of $2.66 earlier today.

“Ethereum introduced a noble vision of an open, borderless economic system accessible to everyone,” Mihailo Bjelic, co-founder of Polygon told CoinDesk in a Telegram chat. “With the increased usage, fees on Ethereum layer 1 have effectively ‘priced out’ most of the users.”

The Polygon version of Uniswap aims to change that, he added.

“With this deployment, Uniswap as the flagship Ethereum application returns back to the original vision and again offers low fees and open access to everyone,” Bjelic said.

As the largest DEX by trading volume, Uniswap already deployed two layer 2 solutions, Arbitrum and Optimism. According to data from Defi Llama, About $62.19 million in value is locked on Uniswap on Arbitrum, while roughly $36.94 million worth of tokens are locked on the Optimism version.