- The deployment of Uniswap Protocol v3 is now operational on BNB Chain following support from a significant majority of 66% of voters in February.
- The temperature check is a process used to determine whether there is enough will to change the status quo.
- According to the announcement, the launch is in line with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility.
Uniswap, the decentralized exchange, announced Wednesday that it has expanded to BNB Chain, one of the world’s largest blockchains in daily volume.
The Uniswap Protocol v3 has been implemented successfully on the BNB Chain after receiving 66% of voter support.
A controversial proposal by 0x Plasma Labs to deploy Uniswap version 3 (v3) on BNB Chain passed, with over 55 million UNI token holders voting in favor of the proposal. Before this, Warmhole, the multichain bridge, was chosen as the Protocol’s designated bridge to the BNB Chain in a Temperature Check vote.
According to the announcement, adding the BNB Chain is expected to result in several significant benefits, including lower fees, an increase in users, and the opening of new geographic markets. This action also provides users with better and more affordable trading options.
Furthermore, the move to BNB Chain is expected to improve the Uniswap Protocol’s ability to better serve all users within the Web3 domain. It also represents an important step toward enhancing accessibility and liquidity for its users.
Speaking on the subject, Alvin Kan, Director of Growth at BNB Chain Innovation, stated that BNB Chain’s robust and committed community, scalability, and accessibility make it a suitable launchpad for web3-related services, where protocols seeking a wider reach can grow.
The expected outcome of this transition
As a result of this transition, Uniswap Protocol users will be able to take advantage of BNB Chain’s quick transactions and low transaction costs when trading and swapping tokens across the network. The integration also allows Uniswap to gain access to a new source of liquidity and BNB Chain’s large DeFi developer community, as well as raise awareness and encourage adoption among institutional and retail investors, potentially adding 1-2 million new users and participants to the Protocol.
The launch is timely because it meets the DeFi sector’s demand for improved accessibility and interoperability across blockchains. With the implementation of the Uniswap Protocol on the BNB Chain, it will be able to capture a larger share of the growing DeFi industry.
As more people join the ecosystem to take advantage of what DeFi has to offer, the launch is anticipated to accelerate the growth of both Uniswap and BNB Chain.