Polygon token hits new high above $2.70 amid Uniswap integration

The native Polygon token (MATIC) rose by almost 7% in the past 24 hours and set an all-time high above $2.70 on the back of the launch of Uniswap v3 on the project’s network. 

1/ We’re excited to announce v3 has been deployed on @0xPolygon! 🚨

As a leading scaling solution, Polygon offers low gas fees and fast transactions, with over 3000 applications hosted and 1B transactions processed! 🚀 pic.twitter.com/bzRRkqDJuk

— Uniswap Labs 🦄 (@Uniswap) December 22, 2021

As of writing, MATIC is trading near $2.64; over the past week the asset has risen 24%. The token’s market capitalization has surpassed $18 billion, according to CoinGecko.

At the end of November, Polygon co-founder Mihailo Bjelic proposed deploying Uniswap on the Polygon network. On December 18, the Uniswap community backed the initiative.

🗳 The Uniswap community has voted to deploy v3 on @0xPolygon through the governance process.

⚡️ Uniswap Labs will deploy Uniswap v3 contracts within a few days.

👀 Stay tuned. pic.twitter.com/LwVLwEngPl

— Uniswap Labs 🦄 (@Uniswap) December 18, 2021

«As fees on the Ethereum mainnet have grown, effectively pushing many users away due to high costs. With this initiative, Uniswap as a flagship Ethereum app returns to its original vision and again offers low fees and open access for all», said Bjelic in an interview with CoinDesk.

Against this backdrop, the native Uniswap token (UNI) also rose significantly. In the last 24 hours, the asset gained 10% and, at the time of writing, trades near $16.80.

Uniswap is the largest decentralized exchange by trading volume. According to DeFi Llama, its smart contracts are already deployed on two Layer-2 networks — Arbitrum and Optimism. 

In the first network, total value locked (TVL) reached $62 million, in the second — $37 million. In the Ethereum blockchain, the figure stood at $8.73 billion.

Uniswap’s TVL on Polygon has already reached $6.10 million. In the last 24 hours, trading volume in this network exceeded $2.22 million.

Earlier, Opera announced an integration with Polygon in the first quarter of 2022. Browser users will gain access to decentralized applications deployed on the project’s network. 

Another day, another major announcement for @0xPolygon. 🤗🦄

We are welcoming @opera and its 380 MILLION monthly active users to the family!

Opera’s users will get direct access to cheap and fast transactions and 3k+ apps currently active on Polygon. 💫https://t.co/AQq25xyp1w

— Mihailo Bjelic (@MihailoBjelic) December 22, 2021

In the first phase, the new features will be implemented in Opera on Android.

In December, Polygon developers rolled out on the Mumbai testnet the mechanism for burning a portion of transaction fees, in a manner similar to Ethereum.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.