Uniswap, a crypto market place like Binance, Coinbase and Tycoon has managed to achieve a feet of almost 50% market share on Polygon only after three months of deployment. 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.
The company behind the popular DeFi protocol, Uniswap Labs, tweeted, citing data provided by Dune Analytics, which showed a market share of 49.5 percent on Polygon. Polygon co-founder Mihailo Bjelic first proposed deploying Uniswap v3 in November of last year, and it received enormous support with over 72 million UNI tokens offered as a vote.
The DEX saw its network expand the following month, causing its native token, MATIC, to appreciate in value.
Uniswap has maintained its 71 percent market share in the world of DEXes despite losing market share in recent months. Its trade volume was approximately $10 billion in the previous week. Curve, SushiSwap, and Balancer, among others, are lagging behind, according to Dune Analytics. Uniswap's tally of unique addresses traded, maker, and taker within the previous seven days was 93.265k.
By routing trades across both Uniswap v2 and v3 pools, Uniswap's newest version included an upgraded Auto Router that intended to improve price as well as optimize the gas cost of swaps. The ultimate goal is to allow consumers to track the full cost of a swap in real-time, right from the App interface. In addition to lowering gas prices, the new edition aimed to find the best pricing across all Uniswap protocols.
Last week, Uniswap Labs announced the release of the Swap Widget, a platform that allows developers and operators of decentralized apps (dapps) to incorporate the Uniswap DEX app with “one line of code.” Developers would be able to integrate Uniswap into their third-party programs as a result of this.
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.