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Cryptocurrency exchange Uniswap will soon be available on Moonbeam (GLMR), the Polkadot (DOT) parachain, according to a proposal approved on May 17 at the exchange management forum. The proposal was put forward by the Blockchain Education Group in Michigan. It passed almost unanimously, with only one UNI token used to vote against it.
1/ @uniswap – the popular most decentralized exchange by daily traded volume – is coming to Polkadot via the @MoonbeamNetwork parachain, increasing volume & liquidity across the ecosystem! pic.twitter.com/lKaceLv6ce
— Polkadot (@Polkadot) May 17, 2023
The smart contracts for the exchange have already been deployed to Moonbeam, and the only tasks left for its full launch are “external integration updates and inclusion of Moonbeam in an automatic router,” the proposal states.
Initial liquidity on the exchange could be low as the offer warns that “due to turbulent market conditions, promises to increase liquidity have been temporarily suspended.” However, it also states that Blockchain in Michigan is exploring the idea of applying for a Moonbeam grant to provide liquidity as soon as possible. If the grant is approved, it will be provided “on behalf of the DAO,” the proposal says, implying that the funds will be owned by Uniswap, a decentralized autonomous organization.
In an accompanying statement from Parity Technologies, developer of Polkadot, Head of Business Development Omar Elassar said he believes the new version will help improve speed and security for Uniswap users:
Polkadot is a great fit for Uniswap, whose users can discover everything that the network’s parachain offers, such as high performance, scalability, security, and compatibility.
Polkadot is an interconnected network of blockchain networks called “parachains”. These chains connect to each other and provide overall security through the Polkadot relay chain. The Moonbeam parachain is specifically focused on providing a development environment similar to Ethereum in order to make it easier for developers to migrate their Ethereum applications to the Polkadot ecosystem.
Related: Chainlink integrates with Moonbeam to provide price data to Polkadot
Uniswap is the largest decentralized exchange (DEX) in the world by trading volume, according to CoinMarketCap, with over $480 million in daily trading volume. It was originally created for the Ethereum network, but has been actively expanding to other networks over the past few months. Uniswap launched the BNB Chain version on March 15 and deployed it to Polygon zkEVm on April 14. An iOS mobile app was also released on April 14 to make it easier for more users to connect.
