Early vote shows strong support for deploying Uniswap on BNB Chain
Quick Take
- 0xPlasma Labs’ proposal to deploy Uniswap v3 on BNB Chain passed an early temperature check from the Uniswap DAO.
- The proposed deployment will be put to a governance vote to determine the final outcome.
A proposal to deploy decentralized exchange Uniswap v3 on the BNB Chain has passed an early temperature check and will now be put up for a full governance vote on the Uniswap DAO.
Data from Snapshot shows 80% of the 6,495 wallets that participated in the preliminary polls were in favor of the move. These voters cast 20 million uni tokens in support of the proposal.
Following the vote, the proposal will now move to a full governance vote. The proposal, put up 0xPlasma Labs, seeks to deploy Uniswap v3 on BNB Chain, with Celer selected as the preferred bridge protocol. Bridges enable users to send crypto tokens across different blockchain networks.
If approved, BNB Chain will become the sixth network to support the popular decentralized exchange. The third version of Uniswap’s decentralized exchange already exists on Ethereum, Polygon, Arbitrum, Optimism, and Celo. The protocol controls $2.68 billion across these five deployments, according to DeFiLlama. The Ethereum version is the most dominant of the lot, accounting for 90% of the total value locked.
0xPlasma Labs stated that the Uniswap community stands to gain significant benefits from the move. BNB Chain currently ranks as the third largest blockchain network for DeFi in terms of total value locked, according to DeFiLlama.
PancakeSwap, a decentralized exchange like Uniswap, is the dominant protocol for making swaps on BNB Chain. The exchange currently controls $2.4 billion in total value locked. 0xPlasma Labs says Uniswap v3 on BNB Chain could capture up to half of that value.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
