Uniswap DEX to launch on Polkadot parachain Moonbeam

Uniswap (UNI) decentralized cryptocurrency exchange is set to launch on a Polkadot parachain dubbed Moonbeam, a move designed to help enhance transaction speed and security on the platform.

Also Read: Polkadot Price is stuck in pennant formation with a breakout coming

For clarity, parachains are an interconnected web of blockchain networks sharing security through the relay chain, in this case, Polkadot.

Uniswap DEX to increase speed and security for users

Uniswap (UNI) is doubling down on its effort to maximize user convenience, with the latest move being an integration meant to enhance speed and security on the platform. The news follows a Tally proposal, approved and released on May 17 by the exchange's governance forum.

The proposal, which is a brainchild of Blockchain at Michigan educational group, was passed almost unanimously as only one UNI token was used to vote against it.

Notably, the exchange's smart contracts are already live on Moonbeam (GLMR). The Moonbeam parachain focuses on providing a developer environment akin to Ethereum so that developers have an easy time/experience porting their Ethereum apps to the Polkadot ecosystem.

According to the proposal, given their [smart contracts] deployment, the remaining step includes "front-end integration updates and including Moonbeam to the auto-router."

The proposal also forewarned that the initial liquidity on the DEX may be low, citing "tumultuous market conditions." As a result, "promises of liquidity bootstrapping have been temporarily excised." Nevertheless, the proposal also notes that Blockchain at Michigan has a plan already in motion:

[They are] exploring the idea of applying for a Moonbeam grant to provide liquidity as soon as possible.

Noteworthy, the approval of the grant application would be on behalf of the Uniswap Decentralized Autonomous Organization (DAO), meaning that it would hold the funds on its own.

Polkadot says the move is value adding

Polkadot (DOT) has also issued a supporting statement, with developer Parity Technologies and business development executive Omar Elassar expressing his belief in the new version's ability to help increase speed and security for Uniswap users.

Polkadot is a strong fit for Uniswap, whose users can discover everything the network's parachains offer, such as high performance, scalability, security, and interoperability. Polkadot’s DeFi ecosystem benefits from a marquee name in the space.

It is worth mentioning that this is not the first of Uniswap's deployment on the Polkadot parachain. Touted as the largest DEX in the world by trading volume with more than $480 million in daily trading, Uniswap deployed a BNB Chain version on March 15, about a month before the April 14 deployment to Polygon zkEVm. The network also developed an iOS mobile app on April 14 in a tactful attempt to enlist more users.

Related: Uniswap price sinks by 8% despite DEX’s launch on Binance BNB Chain