On May 26, a governance proposal for Uniswap v3 was published in order for the exchange to use the Arbitrum mainnet to deploy on the second layer of Ethereum.
The vote closed on May 28 with an overwhelming acceptance of 41.72 million Uni against 309.34 Uni. This represents 1.72 million more than is necessary to approve a live proposal.
Uniswap creator Hayden Adams tweeted on May 27 about the strong vote. The thread continued expressing support for the community’s decision to implement v3 smart contracts in Arbitrum. Adams added: “We have already started work on supporting the interface and planning the deployment.” This even before voting closed.
If Uniswap doesn’t, another exchange could take its place
The author of the governance proposal, Andy8052, acknowledges that being available for the second layer of Ethereum is very valuable for Uniswap adoption. He adds that if V3 is not implemented in new networks such as Arbitrum and Matic, other exchanges will be allowed to take its place. In addition, he comments that its implementation will help grow the potential list of projects that can be built on Uniswap v3.
Arbitrum, the solution for Ethereum layer 2
Arbitrum is a rollup of the Optimistic second layer solution, created by OffchainLabs, to scale Ethereum. Its launch is also scheduled for May 28, promising relief from the high gas costs that still plague blockchain users.
Rollups allow you to group several transactions into one within a side chain. Thus they generate a cryptographic proof known as Snark (non-interactive succinct knowledge argument). The initiation and execution of transactions are done on the side chain, thus reducing gas costs. Ethereum only stores transaction information.
It should be remembered that version 3 of the decentralized exchange Uniswap was launched on May 5, as published in CriptoNoticias. Although it had some criticism for gas costs, it offers significant changes such as single token liquidity funds. The exchange continues to update so as not to be left behind and be ready for the second layer of Ethereum.