Uniswap Community Supports BNB Chain Move

Uniswap Community Supports BNB Chain Move

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Jonathan
Jonathan

An editor at Coincrop


24 Jan 2023 | 5 min read
16,735 views

T

he Uniswap decentralized exchange community has resoundingly voted in favor of deploying the platform on BNB Chain, solidifying their commitment to making a move towards more advanced technology.

After 0xPlasma Labs proposed the deployment to the Uniswap community, a "temperature check" vote was held from January 17th until 22nd. Although this vote carries no binding power at this stage, it provided insight into how people feel about the proposal.

The proposed initiative grants 0xPlasma Labs the authority to act as a representative of the community and employ Uniswap protocol onto BNB Chain.

The proposal from BNB Chain also boasted impressive benefits such as a large and ever-expanding user base, rapid transaction speeds, and low fees.

With a rich history of endorsing and developing reliable projects, Binance - the company behind BNB Chain - may potentially offer Uniswap v3 with valuable visibility that should not be disregarded.

After a ballot was cast, the official count reveals that 20 million votes and 80.28% of participants voted in favor of the proposal while 4.9 million votes or 19.72% were against it. Consequently, it is evident that an overwhelming majority have given their approval to this motion.

UNI, Uniswap's governance token, is the tool used to cast votes in the Uniswap community.

0xPlasma Labs announced in a tweet that their next step would be to present the proposal as a governance initiative on Uniswap, followed by another community vote.

The Ethereum development firm ConsenSys, headed by co-founder Joseph Lubin, gave its stamp of approval for the deployment of Uniswap on Binance Smart Chain. The company was among those who lent their support to the decision with a vote in favor.

Offering his endorsement for the proposal, Cameron O'Donnell - ConsenSys's DAO governance strategist - detailed how Uniswap should remain "chain agnostic," which was the main reason he gave his support.

“Uniswap contracts have naturally established a strong brand that users trust. Although there are general concerns around the centralization of the BNB Smart Chain (“BSC”), we view the protocol’s brand as standalone and not beholden to any particular chain,”O'Donnell penned.

Uniswap has indisputably been the most popular platform on Ethereum, and its deployment to BNB Chain is not likely to influence how it works across other blockchains - including Polygon, Optimism, Arbitrum and Celo.

Uniswap currently enjoys the most usage on Ethereum, with $3.41 billion of its total value locked (TVL) out of the grand total value locked across all supported chains ($3.65 billion). Estimates from 0xPlasma Labs suggest a potential TVL for BNB Chain at around $1.18 billion—demonstrating Uniswap's immense popularity.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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