Leading DeFi Protocol Uniswap Accounts For 50% Market Share Of Polygon

Uniswap Labs, the company behind the leading protocol, in a tweet quoted data from Dune Analytics, which accounts for a 49.5% share of Polygon. Last year, a proposal to deploy Uniswap v3 received the massive support of pledgers, receiving more than 72 million UNI tokens pledged as a vote for the proposal. The proposal was made by Mihailo Bjelic, the co-founder of Polygon in November.

The decentralized exchange experienced a growth in its networks the following month along with a price appreciation of MATIC, its native token.

Uniswap still dominates among DEXes with a 71% market share even though it experienced a decrease in the figure in the last few months. Over the last few weeks, its trading volume is recorded to be $10 billion. Curve, SushiSwap, and Balancer, among others, are behind it, as per the data from Dune Analytics. The count of unique addresses of Uniswap that were traded, maker, and taker is recorded to be at 93.265k in the past seven days.

More Growth?

The recent upgrade of Uniswap included an updated Auto Router whose aim is to improve pricing along with optimizing the gas cost of swaps by routing trades across both Uniswap v2 and v3 pools. The exchange aims to make users this much able to track the cost of a swap in real-time directly from the App interface. The focus of the new release was to identify the best price across all Uniswap protocols in addition to optimizing the gas costs.

Uniswap Labs announced the launch of Swap Widget, a tool that allows developers and decentralized app (dapp) operators to enclose the Uniswap DEX app with “one line of code,” as of last week. Through this, the developers can integrate Uniswap into their third-party applications.

As per a statement of the company: “We envision a world in which everyone is able to access fair, open, and transparent markets. The Swap Widget brings this vision closer to reality by allowing developers to easily embed Uniswap swapping functionality, allowing their users to seamlessly swap tokens, join a community or DAO, wrap assets, and more, without leaving their apps.”

The Swap Widget functionality was released on leading Web3 apps including Oasis.app, OpenSea, and Friends With Benefits.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing