The price of the Polygon project's native token, MATIC, has experienced a daily increase of almost 7% and updated its all-time high above $2.70 after the decentralized exchange Uniswap v3 was launched on the project's network.
MATIC is currently trading near $2.6 after posting a 18.87% increase over the past week. The token's market cap has surpassed $18 billion, according to CoinMarketCap.
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In late November, Polygon co-founder Mikhailo Bjelich proposed implementing Uniswap on the Polygon network. On December 18, the decentralized exchange community supported the initiative.
Bjelich told CoinDesk:
"With the increased usage, fees on Ethereum layer 1 have effectively ‘priced out’ most of the users. With this deployment, Uniswap as the flagship Ethereum application returns back to the original vision and again offers low fees and open access to everyone."