Today, DeFipowerhouse announced that the deployment of Uniswap on Polkadot will happen soon. The idea to introduce a shop took place after acquiring a favorable vote organized by Blockchain in Michigan. This educational organization aims to mold future leaders in the blockchain industry.
In approximately one month, the famous decentralized (DIX) aims to use its V3 iteration Polkadot users that guarantee several benefits to prior versions, for instance, enhanced capital efficacy, more flexibility in fee structures, and enhanced user experience.
Moonbeam promotes the existence of Uniswap V3 on Polkadot. Moonbeam is a parachain that runs over the network. A parachain is a form of individual and sovereign blockchain linked to Polkadot and is interoperable with Polkadot Network and other parachains.
Uniswap Volume Rides on Pepe and Meme Coins to Overtake Coinbase
Over the past few days, DEX (Decentralized Exchange) Uniswap surpassed Coinbase’s daily volume. This is despite the enthusiasm that Pepecoin (PEPE) generated during that time and also led to surpassing the 1 billion dollars mark.
CoinGecko and DeFi Llama claimed that on 4th May, DEX pulled even after the two exchanges acquired volumes worth nearly 1.2 billion dollars. Besides, it is also critical to note that as a protocol, Uniswap comprises various versions across diverse blockchains. Examples include Optimism, Ethereum, and Optimism.
An email to the Uniswap spokesperson showed that deploying Uniswap on Polkadot in some shape, way, or form is an excellent way of ensuring that the UNI remains at the forefront of DeFi innovation. He also claimed that in 2022, Moonbeam sought to approach Polkadot for a permit to utilize Uniswap V3 smart contracts.
The acceptance of this offer was based on two primary reasons. First, Moonbeam possesses Polkadot’s highest DeFi activity. Secondly, the parachain’s model is user friendly, thus ensuring easy deployment of virtual Ethereum. In other words, the deployments are both frictionless and smooth.
These parachains aim to enhance scalability by guaranteeing that not all transactions compete against other smart contracts in the network. As such, Polkadot can be considered a multichain or a ‘layer zero’ protocol that forms the foundation for various parachains.
Users Embrace Decentralization
Since the FTX’s collapse last year, a major concern among people concerns the safety of decentralized exchanges compared to centralized ones. Other cryptocurrency platforms, for instance, Coinbase, Binance, and FTX are all CEXs. However, Uniswap is not since it does not interact with banks. Instead, clients should have digital assets to utilize the exchange, which may further complicate the customer process.
Beyond the absence of user-friendliness in DEXs such as Uniswap, clients are provided additional control over their assets compared to CEXs. This move is beneficial. A second-quarter report acquired from CCData revealed that compared to last year, there was a 27.6% monthly rise in transactions executed on the decentralized exchanges.
The report also shows that V3 is commanding leadership in the trading volume. In this case, it has acquired an average monthly market share of 50.3 percent of the decentralized exchange volume.
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