Uniswap to Deploy on Privacy-Focused zkSync Following Community Vote
Decentralized exchange (DEX) Uniswap will soon be deployed on privacy-focused layer 2 solution zkSync following the completion of a governance vote.
Uniswap is a smart contracts-based crypto exchange with its governance token, UNI, which allows users to trade, supply and borrow assets. zkSync, on the other hand, uses a novel technology called zk-rollups to offer a privacy-focused scaling solution to users, allowing for faster transactions at lower fees.
The proposal was put forth to the community by Matter Labs, which develops and maintains zkSync.
The firm said the zkSync ecosystem has over 100 projects committed to launching on mainnet, including top DeFi protocols, infrastructure, on/off ramps. Matter Labs added that deploying on zkSync would help both onboard new users and increase user activity on Uniswap by decreasing costs compared to Ethereum without compromising on security.
“There's significant value in Uniswap being available on an EVM-compatible ZK rollup,” Matter Labs explained in its proposal. “Deploying early on zkSync helps solidify Uniswap's place as the number one DEX and a thought leader.”
The proposal passed with nearly 100% of all votes agreeing to deploy Uniswap on zkSync, with over 72 million UNI staked by users. Just 120 UNI was used to vote against the proposal, close to 0%.
zkSync has been on testnet since February 2022 and plans to launch mainnet in early October, with developers stating in the proposal that Uniswap’s launch on the solution could occur in the “next 4-6 weeks.”
The move follows Uniswap Labs’s Thursday announcement of a $165 million fundraising in its latest round led by Polychain Capital. The capital will enable Uniswap to invest more in its web app and developer tools, non-fungible token (NFT) launch and move to support mobile users.