Uniswap: the exchange develops zkSync

Recently the Uniswap exchange team announced its version 3 (V3) on zkSync. Or rather, as a DAO, it was the UNI token-holding community that decided to move forward with using zkSync.

With 72.4 million votes in favor and 120 votes against, zkSync. was pretty much 100% approved to be within V3 of the exchange. To vote, users staked over 72 million UNI native tokens.

Summary

• What is zkSync technology?
• Uniswap: exchange raises $165 million
• Uniswap: the exchange is losing users
• How the UNI token is performing
• What is Uniswap

What is zkSync technology?

The zkSync technology is a second layer of the Ethereum blockchain to have very low gas fees, fast transactions and a high level of security.

Uniswap developer Matter Labs, which had proposed zkSync, said:

“Deploying early on zkSync helps solidify Uniswap’s place as the number one DEX and a thought leader.”

Uniswap: exchange raises $165 million

As announced by its creator, Hayden Adams, the Uniswap exchange has just completed a major fundraising round. In fact, the DEX has raised over $165 million in a round led by Polychain Capital.

Uniswap: the exchange is losing users

According to analytics firm Messari, Uniswap no longer ranks among the top 10 platforms with the highest revenues.

The decentralized protocol has been overtaken by the NFT marketplace OpenSea.

On Messari’s website, data show that the Uniswap exchange collected a very high amount in terms of transaction fees. However, in terms of revenue, the company still seems to be lagging behind other crypto platforms.

According to Messari, Uniswap is also losing users, or rather number of active addresses that hold tokens on Uniswap.

This decline contrasts with what has been observed since the beginning of 2022. The network at the beginning of the year had seen an increase in new wallets.

In any case, even if the Uniswap exchange fails to maintain its number of wallets, Uniswap has a high volume of transactions in the different tokens.

In fact, checking the ranking of decentralized exchanges on the appropriate section of CoinMarketCap, Uniswap is in fourth place with $223,024,080 volume realized in just 24 hours.

However, according to the Dune Analytics website, Uniswap has over 67% of the total volume of all decentralized exchanges.

How the UNI token is performing

Uniswap’s native exchange token, UNI, is up about 2 percent over the past 24 hours at the time of writing this article. Its volumes, again during the last day, have risen as much as 72%.

Over the past month, the token has been performing well, and in fact, if we move the CoinMartketCap chart over the 1-month period, almost the entire chart is in green.

What is Uniswap

Founded on 2 November 2018, Uniswap has quickly established itself as the leading decentralized exchange.

This is the original tweet in which founder Hayden announced the launch of the project:

1/? Excited to announce the launch of @UniswapExchange ! It’s a protocol for automated exchange of ERC20 tokens on Ethereum. https://t.co/czTqyRit7u

— hayden.eth ? (@haydenzadams) November 2, 2018

And after all these years, the exchange is now preparing to launch version 3 of the platform with zkSync.

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