Uniswap proposal to launch on Polygon zkEVM is set to pass

All 191 UNI token holders voted in favor of the proposal to launch the DEX on Polygon's zkEVM.

Decentralized exchange (DEX) Uniswap is seemingly set to launch on the new zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution from scaling solution provider Polygon.

While Uniswap (UNI) token holders have until April 14 at 9:05 pm UTC to vote on the proposal to launch Uniswap v3 on the zkEVM, the 40 million vote threshold needed for the proposal to pass it has already been reached — with over 42.4 million votes recorded in favor of the integration.

All 191 Ethereum addresses voted in favor of the proposal with financial modeling platform Gauntlet and Ethereum infrastructure provider ConsenSys leading the voting tally with over 7 million votes each according to Tally, a voting dashboard for decentralized finance projects:

*Top votes in favor of integrating Uniswap v3 on Polygon zkEVM. Source: Tally*

The author of the proposal, Polygon Business Development Lead Jack Melnick, explained that now is the “right moment” to make Uniswap v3 available on Polygon’s zkEVM because it is “EVM equivalent” — meaning that there is no need to recompile EVM smart contracts:

“There’s significant value in Uniswap being available on an EVM compatible ZK rollup. Deploying early on zkEVM helps solidify Uniswap’s place as the number one DEX and a thought leader.”

The integration will also provide validation and fast finality of off-chain transactions, said Melnick.

In addition, the high level of adoption that Polygon has managed to harness makes integrating on Polygon’s zkEVM a “priority,” he explained.

As for what factors will make this deployment a boom or bust, Melnick pointed to several key on-chain metrics:

“A successful zkEVM deployment will, in an organic and sustained manner, grow Uniswap’s Total Addressable Market across TVL, unique interacting wallet, volumes, and integration with partner dApps.”

“As demand for zk-blockchains and proximity to Ethereum rises, users and builders will increasingly look to zkEVM solutions to build and trade,” he added.

Melnick is confident the integration will pose “minimal risks” at least “relative” to other blockchains because the Polygon zkEVM uses zero-knowledge proofs to inherit Ethereum’s security.

The Polygon Bridge has been “disintermediated” and data will be sourced from “reputable” Oracle providers, Melnick added, which he expects will only strengthen security at the protocol level.

Polygon’s zkEVM had its official mainnet launch on March 27.

In a similar move, Uniswap v3 integrated with the BNB Chain — a smart contract blockchain built by Binance — on March 15.

The governance vote wasn’t as stark though, as only 65% voted in favor of the proposal.

United States venture capital firm Andreessen Horowitz (a16z) — the largest UNI token holder — voted against the BNB proposal with its 15 million UNI tokens.

Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains, Polygon Miden founder

<div>zkSync Era denies 921 ETH 'stuck forever' in smart contract</div>

Coin Telegraph

One member of the cryptocurrency subreddit pointed out that “EVM equivalent” compilers like zkSync Era does not necessarily mean it is fully “EVM compatible.”

Matter Labs, the team behind Ethereum layer 2 scaling solution zkSync, has denied that 921 Ether (ETH) worth $1.7 million will be "stuck forever" in one of its new projects.

The statement comes as one zkSync project is currently experiencing issues in transferring the funds that it accumulated during its token sale.

In a response tweet, Matter Labs confirmed that they're working to solve the problem and will soon publish a "detailed update."

Not stuck forever. We are working with the team to help them solve the problem and will publish a detailed update in a bit. Tune in.
— zkSync ∎ (@zksync) April 6, 2023

The issue appears to have been caused by its new zero-knowledge Ethereum Virtual Machine solution, "zkSync Era," not being fully Ethereum Virtual Machine (EVM)-compatible.

While the zero-knowledge rollup solution is “EVM-equivalent,” the two systems compile smart contract code ever so slightly differently from one another, which, in some cases may result in errors in the compiling process.

Several members of the “CryptoCurrency” subreddit expressed their frustration on the matter:

“Another example of why a chain shouldnt be rushing its mainnet launch. Always remember this guys, EVM compatible =/= EVM equivalent.”

"I'm all in for seeing Zero Knowledge tech becoming more and more relevant in the crypto space. However, these chains also have to take into consideration the fact that people's funds are at stake,” said another.

The project is believed to be GemstoneIDO (GEMS). On the zkSync explorer page, the last four transactions requests have "failed," while exactly 921 Ether is stored in its smart contract.

GemstoneIDO is believed to be the project impacted on zkSync. However, Matter Labs has not confirmed this. Source: zkSync Explorer

Matter Labs launched zkSync Era on mainnet last week, promising that decentralized exchanges Uniswap and SushiSwap would be live in a matter of days. That hasn't happened yet, however projects including Argent, Celer Network and MetaMask are live on the network now.

Cointelegraph reached out to Matter Labs, who reiterated funds weren't stuck forever and promised an update shortly.

This is a developing story, and further information will be added as it becomes available.

Magazine: Ethereum is eating the world — ‘You only need one internet’

EVM Equivalent