The Uniswap community has voted to launch the third version of one of the largest decentralized exchanges on Arbitrum, a second-tier solution for the Ethereum blockchain.
Uniswap creator Hayden Adams announced the voting results and revealed that the proposal to deploy Uniswap V3 on Arbitrum received 41.35 million votes from UNI token holders. Work is already underway to plan the update and design the interface.
Startup Offchain Labs, which received a $ 3.7 million investment from Coinbase Labs, launched an alpha version of Arbitrum’s solution for scaling the Ethereum network in 2019. Arbitrum’s developers claim they were able to cut gas costs 55x in November 2020 for their port of the Uniswap v2 testnet, supporting 390 swaps per second, compared to 7 swaps on the Ethereum mainnet.
Adams said the Uniswap team is “incredibly excited” to launch the platform on a competing second-tier Optimism solution. He noted that Uniswap is still aiming to deploy Optimism in the “near future.” In March, the Optimism developers announced the postponement of the launch on the Ethereum mainnet to July. Optimism roll-ups will scale the network up to 100 times.
The delayed deployment of Optimism has provided opportunities for other scaling solutions to capture market share. For example, in April, DeFi platform Aave announced that it would use the Polygon (formerly Matic Network) solution to address congestion and high fees on the Ethereum network.
Arbitrum has also become a major competitor to Optimism, with the project’s developers aiming to launch the mainnet on May 28. Initially, developers will have exclusive post-launch access to Arbitrum, giving time for the initial network project team to build infrastructure and conduct testing. Recall that in March, the developers of the Uniswap decentralized exchange introduced a new version of the Uniswap V3 protocol, which was launched on May 5 on Ethereum.
