The Uniswap UNI community has voted in favor of launching the leading decentralized exchange Uniswap v3 iteration on layer-two scaling solution, Arbitrum.

Uniswap’s creator, Hayden Adams, announced the community vote on May 27, revealing the proposal’s governance received 41.35 million votes in favor and zero opposing from UNI token holders.

He noted that work is already underway to plan the deployment and its interface.

Uniswap v3 looks set on both Arbitrum and optimism

Arbitrum raised $3.7 million in 2019 to explore smart contract scalability and launched the first Rollup system for Ethereum smart contract in early 2020. Arbitrum claims to have achieved a reduction in gas fees of 55 times for its testnet port of Uniswap v2 version in November 2020, supporting 390 swaps per second compared to just seven on the Ethereum mainnet.

Adams said that the Uniswap community remains “incredibly excited” for the launch of a rival layer-two scaling solution, Optimism. Adams noted Uniswap project is still targeting a deployment on Optimism for the near future.

Optimism, which raised $25 million in a February 2021 funding round led by A16z, announced in March its launch would be delayed, offering July as a rough estimate for mainnet launch.

Optimism’s delay has provided opportunities for other second-layer scaling solutions to secure market share, with Polygon Matic taking an early lead after Aave coin quickly attracted a 10-figure TVL on the network.

Arbitrum has also emerged as a serious layer-two contender, with the project currently targeting May 28 for its mainnet launch. Developers will initially have exclusive access to Arbitrum after the launch of v3, allowing time for the network's initial cohort of projects to determine infrastructure and conduct testing.

In early May, OKEx became the primary major centralized exchange platform to enable withdrawal and deposit functionality with the protocol. Arbitrum has also secured notable partnerships with The Graph, Bancor, and Biconomy projects.

In March, Ethereum co-founder Vitalik Buterin praised Arbitrum for its progress on Virtual Machine-compatible rollups.

Since launching earlier this month, Uniswap v3 version has lived up to its promise of delivering capital efficiency than its previous incarnations, with Uniswap v3 surpassing v2 by daily trade volume despite currently representing 26% of v2’s total value locked.

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