Uniswap v3 will launch on Polkadot’s Parachain if this condition is met
- The voting period of the new Uniswap proposal will end on 17 May 2023.
- Uniswap v3’s volume and trades have declined on both Ethereum and Optimism.
Moonbeam [GLMR], a parachain of Polkadot [DOT], revealed that the Uniswap [UNI] community proposed resuming Uniswap V3 deployment on Moonbeam.
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The proposal was posted on 10 May the voting for which will end on 17 May 2023. At press time, the support rate for this proposal was 99.99%. Therefore, the chances of the proposal being passed seemed very likely.
#Uniswap v3 will be deployed on @MoonbeamNetwork
The @Uniswap community has proposed resuming Uniswap V3 deployment on Polkadot’s EVM-compatible parachain, Moonbeam. The current support rate for this proposal is 99.99%, and it will end on May 17.
👉 https://t.co/MeznE5C94e pic.twitter.com/Yk7bggrOLN
— Moonbeam Daily (#StandWithUkraine 🇺🇦) (@Moonbeam_Daily) May 16, 2023
Read Uniswap’s [UNI] Price Prediction 2023-24
More details on the Uniswap proposal
Both the Uniswap and Moonbeam communities have expressed interest in introducing an idea, as per the formal proposal. In order to create a revised plan that makes changes to the original proposal, Michigan Blockchain has spoken with key players in the Moonbeam ecosystem.
The new proposal will contain updates regarding the architecture and activity on both Polkadot and Moonbeam. Upon approval, the deployment will be subject to Ethereum Layer 1 Uniswap Protocol governance and control.
The official proposal mentioned the text record of the uniswap.eth ENS subdomain titled v3deployments.uniswap.eth will be amended to include a reference to the stated v3 contracts on Moonbeam.
Uniswap v3’s key metrics are declining
While the new proposal was under the voting period, Dune’s charts revealed that Uniswap v3’s metrics were declining on Ethereum.
For example, the number of traders registered a downtrend, as did the daily volume.
A similar trend was also seen on Uniswap v3 deployed on Optimism. However, thankfully, v3 TVL shot up on Optimism.
Well, credit to the bearish market, most cryptos failed to paint their charts green last week. However, this was not true for UNI, as its price increased by more than 3% in the last seven days.
As per CoinMarketCap, at the time of writing, UNI was trading at $5.15 with a market capitalization of over $2.9 billion.
What’s ahead for Uniswap?
UNI’s MVRV ratio improved considerably last week, which is generally a bullish signal for any crypto. Additionally, UNI’s exchange outflow spiked quite a few times in a week. Thus, suggesting higher accumulation.
Realistic or not, here’s UNI’s market cap in BTC terms
As per CryptoQuant, UNI’s net deposits on exchanges were low compared to the last seven days. This too was a bullish sign, as it indicated that the token was not under selling pressure.
Moreover, UNI’s network growth was relatively high, suggesting that new address creation was on an uptrend. The token’s velocity was also high.