Prominent decentralized exchange Uniswap accounts for almost 50% of the market share on the Ethereum layer 2 aggregator – Polygon. This feat was only possible three months after it was deployed on the Polygon Network.
Uniswap – Market Leader on Polygon
Uniswap Labs, which is behind the popular DeFi protocol. tweeted this is a reference to Dune Analytics data that showed a market share at 49.5% on Polygon. Mihailo Bjelic (Polygon co-founder) submitted a proposal for Uniswap v3 last November. It received overwhelming support, with over 72 million UNI tokens being pledged as a vote.
The DEX saw its growth across the network the following month, causing a price increase for MATIC, its native token.
Uniswap Protocol holds nearly half of the market share in just three months after its launch @0xPolygon.
Bet your other favorite DEX couldn’t do that 👀 pic.twitter.com/p2qrcvnid2
— Uniswap Labs 🦄 (@Uniswap) April 20, 2022
Uniswap still holds 71% market share in the DEX world despite losing market share over recent months. The trading volume for the week was close to $10 billion. Dune Analytics reports that Balancer and SushiSwap are trailing Curve. 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. It is designed to allow users to view the actual cost of a swap directly from their App interface. The new release not only optimized gas costs but also identified the best price for all Uniswap protocol.
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.
In a statement, the company stated that
“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.
Uniswap has also revealed its venture arm in an effort to increase its engagement in Web 3 sectors. Uniswap Labs Ventures was created by the company. The venture arm is geared towards developing Web 3 projects at different levels and stages.