UNI holders Vote to Deploy V3 of No. 1 DEX on Ethereum Rival
Uniswap, the No. 1 decentralized exchange by trade volume, is poised to deploy for the first time on a major competitor to the Ethereum ecosystem.
On Sunday, 80% of voters holding UNI, Uniswap’s governance token, chose to deploy the DEX’s v3 on BNB Chain, the second largest smart contract network.
The on-chain governance poll managed by 0xPlasma mobilized roughly 25M UNI from voters.
TVL to Rise
“This proposal will authorize 0xPlasma Labs to deploy the Uniswap v3 Protocol to the BNB PoS Chain on behalf of the community,” wrote Ilia Maksimenka, the CEO of 0xPlasma Labs.
0xPlasma estimated the move will increase Uniswap’s total value locked by $1B. OxPlasma now plans to launch a front-end interface for the v3 protocol on BNB Chain.
Uniswap v3 launched on Ethereum in May 2021. The platform pioneered “concentrated liquidity” features, significantly improving 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, protecting its code against unauthorized commercialization for two years.
The launch of Uniswap v3 on BNB Chain would be the protocol’s seventh deployment.
Uniswap is currently live on the 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 a multi-billion TVL in early 2021 as Ethereum’s network fees rose alongside network usage, with many of BNB Chain’s top projects comprising forks of popular Ethereum-based protocols.
No. 2 Network
PancakeSwap, BNB Chain’s top protocol with a $2.5B TVL, began life as a fork of Uniswap v2. The Ethereum Foundation supported the development of Uniswap v1 with a $65,000 grant in 2018.
BNB Chain is the No. 2 smart contract network with a TVL of $5B, trailing behind Ethereum’s $28.4B, according to DeFi Llama.