Earlier today, Uniswap v3, the latest version of the popular decentralized exchange (DEX) platform, passed a “temperature check” in its proposal to be deployed on the Binance Smart Chain (BSC). This means that the community has approved the deployment to proceed.
According to 0xPlasma, the proposition to launch Uniswap v3 on the BNB Chain obtained the most significant number of ballots in Uniswap’s governance history. A total of 20 million electors, or 80.28% of participants, endorsed this proposal. The survey also drew 6,495 UNI electors, the most extensive in Uniswap’s governance history.
The voting process started on Jan. 17, 6:50 AM, and concluded on Jan. 22, 7:00 AM, amassing almost 25 million votes. The massive support for this proposal grants 0xPlasma the approval to proceed to the final “Governance Proposal.”
If granted, it will authorize 0xPlasma Lab to launch the Uniswap v3 on BSC, a proof-of-stake chain.
Uniswap v3 currently sits at a TVL of $2.68b, according to data from DeFiLlama. The platform offers several new features, including improved liquidity provision and a new “flash loan” feature that allows users to borrow assets without collateral.
The decision to deploy Uniswap v3 on the Binance Smart Chain is driven by several factors. One of the main reasons being the growing popularity of Binance’s DeFi ecosystem, built on BSC. Adding Uniswap v3 to the Binance DeFi ecosystem will grant users access to a wider range of trading options and liquidity pools.
It’s no surprise that the high gas fees on the Ethereum network are a major deterrent to DeFi on Ethereum. With the addition to BSC, users will be able to trade on Uniswap at a fraction of the cost, making it more accessible to a wider range of current and new users.
It looks to be a win-win for both Uniswap and Binance communities if the proposal plays out.