The Uniswap community has voted in favor of launching iteration v3 of the leading decentralized exchange in the layer 2 scaling solution, Arbitrum.
Uniswap creator Hayden Adams announced the vote on May 27, revealing that the governance vote for the proposal received 41,350,000 votes in favor and zero votes against UNI token holders.
He noted that work is already underway to plan the implementation and design its interface.
Assuming the snapshot happens, we intend to support the community by implementing smart v3 contracts in Arbitrum.
We have already started working on interface support and planning implementation.
– Hayden Adams (@haydenzadams) May 26, 2021
Arbitrum raised $ 3.7 million in 2019 to explore the scalability of smart contracts and launched the first Rollup system for Ethereum in early 2020. Arbitrum claims to have achieved a 55-fold reduction in gas costs for its port of Uniswap v2 test network in November 2020, supporting 390 exchanges per second compared to jusseven on the main Ethereum network.
Adams said the Uniswap team is still “incredibly excited” by the launch of rival layer 2 scaling solution, Optimism. Adams noted that Uniswap still aims to implement Optimism for the “near future.”
Optism, which raised $ 25 million in a February funding round led by A16z, announced in March that its launch would be delayed, offering July as an “approximate estimate” for the mainnet launch.
Optimism’s delay has provided opportunities for other second-tier scaling solutions to secure market share, with Polygon taking the lead after Aave quickly drew a 10-digit TVL to the network.
Arbitrum has also become a major layer two contender, and the project is currently aiming for May 28 for its launch on the main network. Developers will initially have exclusive access to Arbitrum after launch, which will allow time for the initial cohort of network projects to establish the infrastructure and perform 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 in Ethereum Virtual Machine compatible cumulative packages.
Since its launch earlier this month, Uniswap v3 has fulfilled its promise to offer higher capital efficiency than its previous versions, with v3 surpassing v2 by daily volume although it currently accounts for 26% of total value of v2 blocked.