The Uniswap community has voted in favor of launching the leading decentralized exchange’s v3 iteration on layer-two scaling solution, Arbitrum.

Uniswap’s creator, Hayden Adams, announced the vote on May 27, revealing the proposal’s governance vote received 41.35 million votes in favor and zero opposing votes from UNI token holders.

He noted that work is already underway to plan the deployment and design its interface.

Arbitrum raised $3.7 million in 2019 to explore smart contract scalability, and launched the first Rollup system for Ethereum in early 2020. Arbitrum claims to have achieved a reduction in gas costs of 55 times for its testnet port of Uniswap v2 in November 2020, supporting 390 swaps per second compared to jusseven on the Ethereum mainnet.

Adams said that the Uniswap team remains “incredibly excited” for the launch of rival layer-two scaling solution, Optimism. Adams noted Uniswap is still targeting a deployment on Optimism for “the near future.”

Optimism, which raised $25 million in a February funding round led by A16z, announced in March its launch would be delayed, offering July as a “rough estimate” for mainnet launch.

Optimism’s delay has provided opportunities for other second-layer scaling solutions to secure market share, with Polygon taking an early lead after Aave quickly attracted a 10-figure TVL on the network.

Arbitrum has also emerged as a major layer-two contender, with the project currently targeting May 28 for its mainnet launch. Developers will initially have exclusive access to Arbitrum after launch, allowing time for the network's initial cohort of projects to establish infrastructure and conduct testing.

In early May, OKEx became the first major centralized exchange to enable deposit and withdrawal functionality with the protocol. Arbitrum has also secured notable partnerships with The Graph, Bancor, and Biconomy.

In March, Ethereum co-founder Vitalik Buterin praised Arbitrum for its progress on Ethereum Virtual Machine-compatible rollups.

Since launching earlier this month, Uniswap v3 has lived up to its promise of delivering superior capital efficiency than its previous incarnations, with v3 surpassing v2 by daily volume despite currently representing 26% of v2’s total value locked. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP