The Uniswap community has approved the governance proposal that sought deployment of Uniswap v3 contracts over the Polygon PoS Chain. The approval comes in the form of an on-chain vote that saw the participation of over 72.6 million users from the community.
Uniswap Labs announced to deploy Uniswap v3 contracts based on the votes that reflected over 99.3% approval consensus and will be supported by a $20 million fund — $15 million for long-term liquidity mining campaign and $5 million for the overall adoption of Uniswap on Polygon (MATIC).
The Uniswap community has voted to deploy v3 on @0xPolygon through the governance process.
⚡️ Uniswap Labs will deploy Uniswap v3 contracts within a few days.
Stay tuned. pic.twitter.com/LwVLwEngPl
— Uniswap Labs (@Uniswap) December 18, 2021
In addition, Bjelic also announced it was the right moment for Uniswap to deploy on Polygon citing their position as “the second strongest DeFi ecosystem, right after Ethereum L1.” The entrepreneur also shared his willingness to incentivize Uniswap adoption, both financially and technologically.
The proposal was published by Polygon CEO Mihailo Bjelic on Nov. 20 and was open for voting until Dec. 18, arguing that “deploying to Polygon PoS can bring a lot of benefits” such as user base growth, huge savings for users, higher user activity, higher revenue, market capture and return to the original DeFi vision.
“The consensus check 17 passed with 44M (98.87%) YES votes and 500k (1.13%) NO votes. The temperature check 7 passed with 7.79M (~100%) YES votes and 101 (~0%) NO votes.”
As Polygon strives to maintain a competitive position against the Ethereum ecosystem, the community announced a $200 million initiative with Seven Seven Six, a venture capital firm owned by Reddit co-founder Alexis Ohanian.
As Cointelegraph reported, the initiative will focus on supporting and hosting gaming applications and social media platforms built on Polygon’s infrastructure. Polygon explosive growth this year was supported by the launch of over 3,000 decentralized on-chain applications and other protocol launches and cross-chain migrations.