Despite the constant competition among Polygon DEXes, Uniswap, the largest decentralized exchange based on the Ethereum blockchain, now has about 50% of the Polygon market share as of April 20, 2022.
Uniswap was one of the first decentralized exchanges launched in November 2018 by Hayden Adams on the Ethereum blockchain protocol and had been making waves since then. It uses automated market makers and liquidity pools to enhance peer-to-peer trading.
Automated market makers (AMMs) are a part of a decentralized exchange that uses liquidity pools rather than a traditional market of buyers and sellers to allow digital assets to be traded without authorization and automatically. Smart contracts, computer codes that execute themselves to mathematically define the price of crypto tokens and offer liquidity, are used to build AMMs protocols.
Its DEX became the biggest decentralized exchanger in 2020, and it also introduced its coin called UNI in September 2020. Uniswap currently has three versions and is on its way to launching Version 4. The launch will further revolutionize the finance industry. Its ecosystem presently has over 300 integrations.
In December 2022, Uniswap launched on the Polygon network a few days after UNI holders voted on the governance proposal approving the deployment of all Uniswap version 3 contracts to the Polygon mainnet.
Despite its recently launched, On April 20, 2022, Uniswap attained a 49.5% market share on Polygon. Surpassing other DEXes market shares on the Polygon network, this is due to its widely known innovative and problem-solving nature. This feat was tweeted by Uniswap lab on Twitter:
The achievement placed it above several other DEX, such as Sushiswap, Quickswap, Balancer, Clipper, etc., on the Polygon network.
