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

Uniswap'southward creator, Hayden Adams, appear the vote on May 27, revealing the proposal'due south governance vote received 41.35 1000000 votes in favor and nix opposing votes from UNI token holders.

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

Arbitrum raised $iii.7 1000000 in 2019 to explore smart contract scalability, and launched the first Rollup system for Ethereum in early 2020. Arbitrum claims to have achieved a reduction in gas costs of 55 times for its testnet port of Uniswap v2 in Nov 2020, supporting 390 swaps per second compared to jusseven on the Ethereum mainnet.

Adams said that the Uniswap team remains "incredibly excited" for the launch of rival layer-ii scaling solution, Optimism. Adams noted Uniswap is all the same targeting a deployment on Optimism for "the virtually futurity."

Optimism, which raised $25 million in a February 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 2nd-layer scaling solutions to secure market share, with Polygon taking an early on lead after Aave rapidly attracted a 10-effigy TVL on the network.

Arbitrum has also emerged as a major layer-ii contender, with the project currently targeting May 28 for its mainnet launch. Developers will initially have exclusive access to Arbitrum after launch, allowing time for the network's initial accomplice of projects to establish infrastructure and behave testing.

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

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

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