Prominent decentralized exchange Uniswap accounts for almost 50% of the market share on the Ethereum layer 2 aggregator – Polygon. It managed to achieve this feat only three months after its deployment on the Polygon network.
Uniswap – Market Leader on Polygon
Uniswap Labs, the company behind the popular DeFi protocol, tweeted, referring to data compiled by Dune Analytics, which demonstrated a market share of 49.5% on Polygon. A proposal to deploy Uniswap v3 was first submitted in November last year by Polygon co-founder Mihailo Bjelic and was met with the overwhelming support of over 72 million UNI tokens pledged as a vote for the proposal.
The following month, the DEX witnessed its expansion across the network, inducing a price appreciation of its native token, MATIC.
Just 3 months post launch, the Uniswap Protocol has nearly 50% market share on @0xPolygon.
Bet your other favorite DEX couldn’t do that 👀 pic.twitter.com/p2qrcvnid2
— Uniswap Labs 🦄 (@Uniswap) April 20, 2022
Despite losing its market share over the past few months, Uniswap has still managed to retain 71% dominance in the world of DEXes. Its trading volume over the past week stood at nearly $10 billion. Trailing behind are Curve, SushiSwap, and Balancer, among others, according to Dune Analytics. During the last seven days, Uniswap’s count of unique addresses that traded, maker, and taker was found to be at 93.265k.
Uniswap’s latest upgrade includes an updated Auto Router that aimed to enhance pricing as well as optimize the gas cost of swaps by routing trades across both Uniswap v2 and v3 pools. The end goal is to provide users with the ability to track the true cost of a swap in real-time directly from the App interface. Besides optimizing the gas costs, the new release also focused on identifying the best price across all Uniswap protocols.
Last week, Uniswap Labs announced the launch of a tool dubbed the Swap Widget that enables developers and decentralized app (dapp) operators to embed the Uniswap DEX app with “one line of code.” This would allow devs to integrate Uniswap into their third-party applications.
The company said in a statement,
“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 launched on popular Web 3 apps such as – OpenSea, Friends With Benefits, and Oasis.app.
In a bid to further advance its engagement in the Web 3 sector, Uniswap also unveiled its venture arm earlier this month. Called Uniswap Labs Ventures, the company revealed that it intends to focus on emerging Web 3 projects at different stages and levels.