The Uniswap community has just announced a proposal to deploy the highly anticipated Uniswap V3 on StarkNet, which could improve the status of the decentralized exchange platform.
Uniswap has gained a reputation as one of the leading players in the decentralized finance (DeFi) space. The deployment of V3 on StarkNet could signal a significant shift in the industry’s landscape.
StarkWare created the permissionless, all-purpose Zk-rollup known as StarkNet. To safely update the state root on the Ethereum Mainnet, StarkNet leverages STARKs to construct and quickly verify proofs concerning state changes on the L2. Using Ethereum Mainnet consensus, STARKs make it possible to secure the StarkNet state in an affordable and scalable manner.
An outstanding amount of computational versatility and various additional capabilities not native to the EVM have been made possible by StarkNet’s distinct approach to L2 scaling. The fact that StarkNet contains native account abstraction (AA), which means that EOAs and account contracts cannot be distinguished, is one of its most prominent aspects.
On StarkNet, many wallets and programs use AA. It has been hailed as a crucial component in reaching mainstream acceptance. StarkNet is well-suited for a Uniswap v3 deployment due to its distinctive tooling and scalability capabilities.
‘Warping’ Uniswap v3 onto StarkNet
Nethermind also created Warp, a Solidity to Cairo transpiler. Although the developer infrastructure for Cairo, StarkNet’s native language, is expanding quickly, it is still not at the level of the vibrant Solidity community. The purpose of Warp is to give developers access to StarkNet’s extensive tooling, special features, and high computational scalability for Solidity creation.
The Uniswap v3 Core Solidity codebase has already been converted to Cairo by the Warp team. Uniswap v3 will be completely installed and maintained on the StarkNet mainnet by Q2 2023 if the vote is in favor. After translating and testing, the Nethermind team might be prepared to launch Uniswap v3 Core in Cairo on the StarkNet mainnet today.
A StarkNet Uniswap v3 deployment will be able to profit the most from the StarkNet Ecosystem even though this deployment is efficient due to some essential upcoming improvements.
How is Uniswap going to benefit from all this?
This plan provides Uniswap with a simple way to use the StarkNet framework and tooling in light of the arrival of Warp. StarkNet supports Ethereum and thinks Uniswap’s objectives coincide with its ecosystem’s.
The deployment of Uniswap on StarkNet would bring several benefits, including reduced transaction costs, expanded capabilities beyond the Ethereum Virtual Machine, and access to advanced oracle support and other features enabled by StarkNet’s computational scalability. Interoperability with a range of novel tools being developed on StarkNet is also a potential advantage. All of this could make Uniswap even more appealing to users.
In short, the proposal to bring Uniswap to StarkNet represents a unique opportunity for the platform to tap into new resources and capabilities while staying true to its Ethereum roots. It will be interesting to see how this development plays out in the DeFi space.