UNI holders vote to deploy V3 of #1 DEX on Ethereum Rival
Uniswap, the #1 decentralized exchange by trading volume, is about to be deployed for the first time at a major competitor in the Ethereum ecosystem.
On Sunday, 80% of voters holding UNI, Uniswap’s governance token, opted to stake DEX’s v3 on BNB Chain, the second largest smart contract network.
The on-chain governance survey conducted by 0xPlasma mobilized approximately 25 million UNI voters.
TVL increases
“This proposal will empower 0xPlasma Labs to deploy the Uniswap v3 protocol on the BNB PoS chain on behalf of the community,” wrote Ilia Maksimenka, the CEO of 0xPlasma Labs.
0xPlasma estimates that the move will add $1 billion to Uniswap’s overall value. OxPlasma is now planning to introduce a front-end interface for the v3 protocol on BNB Chain.
Uniswap v3 was launched on Ethereum in May 2021. The platform pioneered “concentrated liquidity” features and significantly improved the efficiency of capital deployment on the platform by allowing liquidity providers to select the specific price ranges for assets to be mobilized.
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Uniswap Labs launched v3 under a Business Source License and protects its code from unauthorized commercialization for two years.
The launch of Uniswap v3 on BNB Chain would be the seventh launch of the protocol.
Uniswap is currently live on Ethereum, Polygon, Arbitrum, Optimism and Celo networks and will also go live on zkSync.
Binance launched support for the Ethereum Virtual Machine, Ethereum’s core smart contract engine, in September 2020. The network quickly amassed billions of TVLs in early 2021 as Ethereum’s network fees increased in tandem with network usage, with many of BNB’s top projects involving chain forks of popular Ethereum-based protocols.
#2 network
PancakeSwap, the top BNB Chain protocol with a TVL of $2.5B, started as a fork of Uniswap v2. The Ethereum Foundation supported the development of Uniswap v1 in 2018 with a $65,000 grant.
BNB Chain is the #2 smart contract network with a TVL of $5 billion according to DeFi Llama, behind Ethereum’s $28.4 billion.
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