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Uniswap will deploy on Polkadot parachain Moonbeam

The decentralized exchange gets a Polkadot version via the Moonbeam network.

The Uniswap crypto exchange will soon be available on Moonbeam (GLMR), a parachain of Polkadot (DOT), according to a May 17 approved proposal on the exchange’s governance forum. The proposal was put forward by educational group Blockchain at Michigan. It passed with near unanimous support, with only a single UNI token being used to vote against it.

The smart contracts for the exchange have already been deployed to Moonbeam, and the only tasks left to fully launch it are “front-end integration updates and including Moonbeam to the auto router,” the proposal stated.

Initial liquidity on the exchange may be low, as the proposal warns that “Due to tumultuous market conditions, promises of liquidity bootstrapping have been temporarily excised.” However, it also states that Blockchain at Michigan is exploring the idea of applying for a Moonbeam grant to provide liquidity as soon as possible. If a grant is approved, it would be “on behalf of the DAO,” the proposal said, implying that funds would be held by Uniswap’s decentralized autonomous organization.

In an accompanying announcement from Polkadot developer Parity Technologies, business development executive Omar Elassar said he thought the new version would help to increase speed and security for Uniswap users:

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.

Polkadot is an interconnected web of blockchain networks called “parachains.” These chains connect to each other and share security through the Polkadot relay chain. The Moonbeam parachain is specifically focused on providing a developer environment similar to Ethereum, with the goal of making it easy for developers to port their Ethereum apps over to the Polkadot ecosystem.

Related: Chainlink integrates with Moonbeam to provide price data for Polkadot

Uniswap is the largest decentralized exchange (DEX) in the world by trading volume, doing over $480 million in trading per day according to CoinMarketCap. It was originally created for the Ethereum network, but has been aggressively expanding into other networks over the past few months. Uniswap launched a BNB Chain version on March 15 and deployed to Polygon zkEVm on April 14. It also produced an iOS mobile app on April 14 to facilitate onboarding of more users.

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Kraken launches Kusama Parachain Auction platform as KSM defies downtrend

KSM token prices surge as Parachain auctions launch nears.

U.S. cryptocurrency exchange Kraken has announced a “first-of-its-kind” Parachain Auction Platform enabling clients to participate directly from the exchange.

In a blog post on June 8, Kraken revealed the new platform will enable users that qualify to pledge support for Kusama projects vying for a Parachain slot by staking Kusama’s KSM tokens.

The rewards for contributors who support a winning bid vary and can include referral bonuses, early participation bonuses, and airdrops.

Polkadot’s multi-chain ecosystem will use sharded sidechains to process transactions in parallel. These Parachains are acquired in the auction process whereby projects try to outbid each other for the right to use the slot for 48 weeks with KSM tokens. Kusama is the testing and development network often dubbed Polkadot’s “Canary network.”

Only 100 Parachain slots are expected to be available, but this may change through protocol governance votes over time.The post stated:

“For Kusama auctions, the project with the most KSM bonded to support its bid, at the time the auction snapshot is taken, will generally be able to claim the auctioned parachain slot.”

The platform is not available to residents of the US, Canada, Japan, and Australia.

In its first Parachain auction, Kraken will allow clients to support the bids of at least two projects, starting with Karura and Shiden.

Karura is a DeFi hub and stablecoin platform for the Kusama network offering a crypto-collateralized stablecoin, a decentralized exchange, access to liquid staking, and an EVM (Ethereum Virtual Machine) compatible blockchain.

Shiden is a smart contract layer for the Kusama network upon which developers can design and build new DApps. It will be a cross-chain platform that also supports Ethereum and layer two protocols.

As reported by Cointelegraph, Polkadot creator Gavin Wood has proposed June 15 for first the Kusama Parachain auction. Following the first five weekly auctions, Wood recommended a pause to evaluate the performance of the network before commencing another batch of auctions.

In late March Acala Network was the first project to secure a Parachain slot on Polkadot's Rococo testnet. On May 17, Polkadot announced that Kusama was finally ready to host Parachains.

The impending auction launches have given a boost to Kusama’s KSM token which has defied the market slump and surged 28% over the past fortnight. According to CoinGecko, KSM is up 12% over the past 24 hours, trading at $410 at the time of writing.

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