The biggest DEX in Ethereum, Uniswap, launches in Polygon Network
Uniswap was one of the early DEXs to emerge in the Blockchain sphere
Big Grand news for Polygon is that Uniswap, the No.#1 Defi application in layer 1 Ethereum would launch on the Polygon network. This news, got me thinking of the early days of DEFI when Uniswap app must have ruled and few(mostly crypto geeks and programers I guess) started exploring DEFI while people like me were too scared to try Decentralised Exchanges, because they were less convenient, had less volumes and I was not prepared to use hot wallets like Metamask for it.
Rewards for protocol users came with UNI token airdrops
Obviously those days are long gone. Last year, there was news that trading volumes in DEX like Uniswap beat that of centralised exchanges like Coinbase, which was HUGE. Then, after Uniswap grew super popular, the protocol users got airdrops of UNI tokens which turned out to be a good investment, because UNI tokens did well being a leading DEFI project token in the DEFI category.
Data from Coingecko says Uniswap is the top DEX with the highest 24 hour trading volume and market dominance
Uniswap got a contender with PanCake Swap launching on Binance Smart Chain
More happened, with Uniswap getting contenders like PanCake Swap in Binance Smart Chain, and early participants of PanCake Swap too benefited by getting those Cake tokens that paid off well to early holders. These were crazy days of last year 2020, after boring years of bear market in 2018, when these kind of DEFI products were getting built and were in their infancy.
I have been so late to the world of DEFI that by that time, Uniswap became unaffordable to use as it is the no.1 DEFI application of layer 1 Ethereum. I would just read the news of UNI tokens and it’s exciting price action that had nothing to do with me personally.
Then PanCake Swap made news as well, with that DEFI AMM attracting masses as it was affordable to use as it was built in Binance Smart Chain.
Ofcourse, it did not matter that Binance Smart Chain was criticised for being centralised. Cake token, sure, was a good investment that could have been earned free by anyone for participating in the protocol providing liquidity or by reaping those yield farming incentives.
Uniswap is now becoming an affordable Dex to use!!
Anyway, now Uniswap is bound to become an affordable AMM to use. Infact, I see that Uniswap already made news for making their debut in layer 2 scaling networks like Arbitrum and Optimism. Before this, I can imagine that Uniswap was a platform that could serve only large token holders, who were rich doing transactions of high value.
The news of Uniswap coming to Polygon is huge, but it’s nothing new, as already popular DEFI apps like AAVE, Curve, 1inch that are all built in Ethereum have launched on Polygon quite a while back.
Uniswap is becoming a affordable DEX protocol for all to use as its deployed in a number of Layer 2 scaling protocols
The news of Uniswap coming to Polygon is huge, but it’s nothing new, as already popular DEFI apps like AAVE, Curve, 1inch built in Ethereum have launched on Polygon quite a while back. I have tried out 1inch and AAVE in Polygon and loved the experience, about which I have written in my previous articles.
My 1inch profit booking trade, less profitable due to Ethereum Blockchain’s transaction fees!!
My understanding of how DEFI lending business using crypto as collateral works for AAVE protocol
Uniswap’s community voted for the protocol to launch in Polygon
Uniswap’s expansion into Polygon was approved after the protocols’ Governance vote had 72+ million UNI token holders voting for this. Well, I can just say congratulations to the Uniswap community for its expansion into Polygon, with this it is certain that Uniswap will get more users from the Polygon ecosystem , one of them being me.
However, I am satisfied with the 1inch aggregator that does all these AMM trades for me in Polygon!!
Thank you for reading!!