Uniswap, the most popular decentralized exchange by daily traded volume, is coming to the Polkadot ecosystem via the Moonbeam parachain, according to a tweet from Polkadot. The move is expected to increase volume and liquidity across the ecosystem.
Uniswap provides users with a trustless, permissionless, and non-custodial way to access tokens. Its arrival in the Polkadot ecosystem is expected to add visibility and momentum toward developing a new world of decentralized financial products and services on Polkadot.
Omar ElAssar, Global Head of Growth & BD at ParityTech, said that Polkadot is a strong fit for Uniswap, whose users can discover the network’s high performance, scalability, security, and interoperability. Polkadot’s DeFi ecosystem benefits from a marquee name in the space.
Moonbeam is a layer-1 Polkadot parachain that provides full EVM compatibility and native interoperability and prioritizes secure cross-chain integration solutions. Over the last year, the network has seen impressive user growth.
The initiative to bring Uniswap, led by UMichBlockchain, successfully passed Moonbeam’s governance processes today following strong community support. Once live, all parachains will have immediate access to Uniswap.
“For UNI being a bluechip and always being at the forefront of DeFi innovation, we always intended to have Uniswap deployed on Polkadot in some way, shape, or form,” wrote a Uniswap spokesperson in an email.
The representative added that Moonbeam took the initiative in 2022 to approach the platform and allow them to run Uniswap V3 smart contracts on the parachain.
The offer was accepted primarily for two reasons: Moonbeam currently has the highest DeFi activity, and the parachain architecture is “the most EVM-friendly in our ecosystem,” enabling Ethereum virtual deployments “as smooth and frictionless as any other EVM chain out there.”
Nevertheless, the integration of Uniswap via the Moonbeam parachain marks a significant step towards expanding the possibilities of decentralized finance. With its arrival, the platform aims to unlock new avenues for innovation and collaboration, further solidifying its position as a leading blockchain platform.
Polkadot Price Analysis
Following the latest announcement, DOT is currently showing bullish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $5.46, up by about 2% in the last 24 hours. However, the weekly chart recorded an increase of about 1.92%.
In addition, DOT’s trading volume has witnessed an increase of 29.96%, reaching $117,035,511, in the last 24 hours, whereas the market capitalization has increased by 1.93% in the same time period.
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