Uniswap Plans To Deploy V3 to Every Ethereum Compatible Chain
After the Uniswap community voted unanimously to deploy the V3 protocol on Polygon in December and the results ended up being successful, the Uniswap Labs team is finally looking to expand on similar requests from the community which led them to this decision.
Uniswap Coming To…
All and any chain that is compatible with Ethereum. As the Uniswap community is considering deploying V3 on other chains, the Uniswap Labs team took charge to make this process easier and released the deployment script and documentation.
Additionally, in order to make sure that such deployments are conducted in a smooth and consistent manner, the team also proposed revisions to the governance process of the protocol.
As per the revisions, the team has suggested renaming the first phase “Request for Comment” and removing the Snapshot poll requirement.
Renaming the second phase to Temperature Check which will act as A second separate governance forum post outlining the proposal in detail and incorporating any feedback from the Request For Comment phase.
And following this will be the third phase of the Formal Vote which will require at least 40 million UNI delegated in order to pass the proposal.
Adding on to the same the team tweeted:
4/ To ensure governance rights across chains we also recommend the community pay close attention to the security & trust assumptions of the bridge contract used to relay governance to that chain. Generalized trust-minimized bridges are best for now until bridging tech advances.🤝
— Uniswap Labs 🦄 (@Uniswap) January 21, 2022
What Does This Say for Ethereum?
When they occur, the deployments could act as the first instance when such a huge DeFi protocol is moving to other chains due to Ethereum’s high gas fees.
The fact that Uniswap handles over $11 billion in volume every week makes it clear why investors are preferring chains like Polygon that cost less in gas fees.
Even at the time of this report gas fees on Ethereum were as high as $146 for a Uniswap swap. Thus it makes sense for Uniswap to make the abovementioned decision.