BTC

$94113.945

-0.44%

ETH

$3358.578

-1.20%

XRP

$2.094

-0.31%

BNB

$704.094

-0.10%

News

Uniswap V3 Deployment To Moonbeam Proposal Is Receiving Support

May 15, 2023 - Around 2 mins mins to read

Key Points:

  • The Uniswap community has proposed resuming Uniswap V3 deployment on Polkadot’s EVM-compatible parachain, Moonbeam.
  • The proposal proceeded through Uni’s governance processes in the spring, receiving a good response from the community.
  • The current support rate for this proposal is 99.99%, and it will end on May 17.
On May 15, the Tally voting page shows that the Uniswap community is conducting an on-chain vote on the proposal of “Deploy Uniswap V3 on Moonbeam”.
Uniswap V3 Deployment To Moonbeam Proposal Is Receiving Support

According to the proposal, GFX Labs will be responsible for the technical deployment of contracts on the target chain, and the cross-chain bridge will be provided by Wormhole. Approval of the proposal by Uniswap governance will result in said Uniswap V3 contract being considered a canonical deployment on Moonbeam.

The Uniswap DAO voted on this issue last spring. The proposal progressed through Uni’s governance rails, garnering strong community comments, passing the temperate check, and finally passing with a near-unanimous YES vote during the on-chain vote. For that proposal, Nomad was the selected contract deployer and the cross-chain messaging solution.

Despite obtaining the license exemption in May 2022, Nomad never started deploying Uniswap V3 contracts on Moonbeam. From Uniswap’s perspective, this is fortunate since the delay enabled Uniswap to escape vulnerability to the Nomad bridge exploit on August 1, 2022.

Uniswap V3 Deployment To Moonbeam Proposal Is Receiving Support

This updated proposal will include architectural and activity enhancements for both Polkadot and Moonbeam. The Moonbeam Foundation’s earlier $2.5M commitment to the Uniswap Grants Program (UGP) has been excluded owing to adverse market circumstances, although liquidity incentives are available via the Moonbeam Foundation’s Level 3 award procedure. This might qualify for the aforementioned award over the coming few months, allowing for more frictionless liquidity bootstrapping on Moonbeam.

The current support rate for this proposal is 99.99%. The proposal will end on May 17. If this vote passes, like all canonical v3 deployments, this deployment will be governed and controlled by the protocol.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

GFX Labs

moonbeam

Polkadot

UNI

Uniswap V3

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.