Ethereum is not just a blockchain with a native token and a DLT. It is also host to tons of decentralized blockchain applications. One of the two most sought-after Ethereum projects is Polygon and Uniswap.
Recently Polygon, which is a scalability enhancement tool for Ethereum, has joined forces with DEX or decentralized exchange protocol Uniswap.
Throughout 2022, Polygon devs have spent their time forming significant business partnerships with major corporations. Some of the noteworthy enterprises working with Polygon are Starbucks, Mastercard, and Nubank, among others. There are also some other important partnerships that Polygon devs are in the process of negotiating.
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The first factor to note about both layer-2 solutions, namely Polygon and Uniswap, is that both are said to gain more traction in 2023 on account of their utility. On account of the roll-up event, blockchain devs can show greater interest in working with Polygon.
Meanwhile, more crypto investors are flocking around decentralized exchanges such as Uniswap on account of the FUD around centralized counterparts.
All the decentralized applications had to suffer from a technical setback that forced them to choose between decentralization and security. On account of this issue, the dApps on the Ethereum blockchain had to sacrifice their security in comparison to the other blockchain networks.
On account of this lag, these dApps had to deal with the threat of hack that could drain them out of their millions of dollars’ worth of crypto reserves.
New Smart Contracts can Fix the Security Drawback
It has been pointed out by blockchain developers that one of the best ways to deal with the security threat for the layer-2 solutions on Ethereum blockchains is smart contacts. Adding new smart contracts to these susceptible decentralized applications would secure them against the invasion of hackers and cyber-attacks.
This is where the Polygon partnership could be helpful for Uniswap. The addition of Polygon would also remove the need for increasing the fees on the DEX for every single swap.
The presence of Polygon would allow more decentralized applications to join and migrate on the Ethereum blockchain without compromising on their scalability or security. The new feature could be beneficial during the next Bull Run when trading volume rises.
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