Uniswap to soon integrate with Polkadot parachain Moonbeam

Image: Shutterstock

The Uniswap crypto exchange will soon be accessible on Moonbeam as stated in a May 17, 2023 proposal on the crypto exchange’s governance forum. Moonbeam is a parachain of Polkadot; an educational group Blockchain at Michigan had put out this proposal.

Reportedly, the proposal was passed with an almost unanimous decision in favour of this change and only a single UNI token was used to oppose the decision.

Only the “front-end integration updates and including Moonbeam to the auto router,” parts are left for the full launch as per the proposal, even as the deployment of the smart contracts for Uniswap on Moonbeam (GLMR) has already been done.

The proposal warns that “due to tumultuous market conditions, promises of liquidity bootstrapping have been temporarily excised.” What this implies is that users may notice low liquidity on the exchange initially.

The proposal further states that the group Blockchain at Michigan is exploring the idea to apply for a Moonbeam grant so that liquidity can be provided as soon as possible. The grant, if approved, will be “on behalf of the DAO,” the proposal said. This implies that the funds will be held by Uniswap’s decentralised autonomous organisation.

Omar Elassar, business development executive at Parity Technologies, which is the developer of Polkadot, said that the new version would aid to increase speed and safety for the users at Uniswap:

“Polkadot is a strong fit for Uniswap, whose users can discover everything the network’s parachains offer, such as high performance, scalability, security, and interoperability."

Notably, Polkadot is a web of blockchain networks that are interconnected with each other. These networks are called “parachains”, and run parallel to each other. These parachains share security via the Polkadot Relay Chain.

The Moonbeam parachain focuses mainly on the provision of a developer environment that is like Ethereum. The aim is to make the process of porting Ethereum apps to the Polkadot ecosystem simpler for developers.

Uniswap was originally created for the Ethereum network and is the largest decentralised exchange (DEX) in the world by trading volume. As of late it has been aggressive in its expansion to other networks and has launched a BNB Chain version of itself on March 15, 2023, and an iOS mobile application for itself on April 14, 2023. 

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash