UNI holders express overwhelming support for deployment on Arbitrum
The mainnet of Ethereum scaling Solution Arbitrum is opening up to developers, and the community of popular decentralized exchange Uniswap wants to get in on the action. In a poll gauging the community’s interest for launching Uniswap on Arbitrum, 43.2 million UNI tokens voted in favor, while only 309 tokens voted against the proposition.
Uniswap is the most popular decentralized exchange on the Ethereum blockchain, but transactions can be expensive because of the high transaction fees that arise when the Ethereum network is experiencing congestion.
Let’s take a quick look at how high the transaction fees on Ethereum can be – on average, the cost for swapping is $13, with the price moving as high as $200 in some cases. Arbitrum is a layer 2 scaling solution that implements optimistic rollups to tackle high transaction costs on the Ethereum mainnet. Technologies like Arbitrum promise to handle massive amounts of transactions while charging much lower fees.
Arbitrum will help Uniswap users save on fees
Arbitrum uses a technology known as optimistic rollups, a technology that has been given a thumbs up by Ethereum co-founder Vitalik Buterin as a way to help scale Ethereum. In optimistic rollups, multiple transactions are bundled together and committed to the Ethereum mainnet. With Arbitrum going live on May 29, blockchain development platform Alchemy will be helping Ethereum developers integrate their applications on the new scaling solutions. A recent report released by CoinDesk mentioned that no less than 150 developers have asked to be granted early access to Arbitrum.
Through Uniswap’s governance process, UNI holders have expressed overwhelming support for deploying Uniswap’s smart contracts on the Arbitrum platform. To vote on the poll, users either had to delegate their personal tokens or had someone else delegate their tokens to them. To vote, users had to sign a message with the help of the popular MetaMask wallet. In a recent tweet, Uniswap founder Hayden Adams said that in line with the community’s wishes, the Uniswap team has plans to deploy the v3 of their smart contracts on Arbitrum. Going further, Adams also mentioned that they have already started work on the interface with the deployment set to follow. In the future, Uniswap will also be deployed on Optimism, another layer 2 scaling solution that uses Optimistic rollups.
