The Uniswap v3 DEX soon on the BNB Chain? The community says yes

A challenger for PancakeSwap – Uniswap is the reference decentralized exchange platform on Ethereum. Launched in 2018, the protocol has become essential and now records $1.3 billion in daily volume.

Uniswap soon on the BNB Chain?

On January 17, Iliathe co-founder of Plasma Labs performed a proposal through the Uniswap governance forum. In practice, this offers deployment of Uniswap v3 on the BNB Chain.

Uniswap deployment on the BNB Chain.

“This proposal seeks to authorize 0xPlasma Labs to deploy the Uniswap v3 protocol on the BNB Chain PoS chain on behalf of the community. »

To support his proposal, Illia listed a series of arguments in favor of the deployment.

First, it highlights the various technical advantages and network effects. Thus, Illia highlights the growing BNB Chain user base, opening up a potential market for Uniswap. Moreover, the technical advantages of the BNB Chain such as the speed of its transactions and their low cost.

Secondly, it focuses on Binance, the company behind the BNB Chain. Indeed, the deployment of Uniswap on the Binance blockchain will make it possible to take advantage of the DeFi ecosystem supported by the exchange platform. Moreover, Uniswap might take advantage of the exposure offered by Binance.

Finally, the co-founder of Plasma Labs also highlights what Uniswap could bring to the BNB Chain. Indeed, Uniswap’s leadership status could boost activity on the BNB Chain. Additionally, Uniswap could act as a reliable source of liquidity for cross-chain solutions deployed on the BNB Chain.

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80% votes in favor of deployment

For the moment, this proposal has been made on the forum in order to to take the temperature at the community level before moving on to the actual governance vote.

Finally, the temperature vote seems to demonstrate the community’s enthusiasm for this proposal. Indeed, more than 80% of the votes collected are in favor of the project.

Result of the temperature vote.
Result of the temperature vote.

A first success, which should now result in the publication of a final governance vote, which will make it possible to decide definitively.

Deployment process

In its proposal, Illia unveiled the different deployment steps of this proposal. The process will take place in 7 steps:

  1. Publication of the proposal on the governance forum;
  2. Deployment of Uniswap v3 on the BNB Chain testnet;
  3. Temperature check vote;
  4. Proposal on the governance module;
  5. Deployment of contracts on the BNB Chain;
  6. Deployment of Subgraph;
  7. UI integration.

At the time of writing these lines, the 3 first steps have been validated. In total, the process should take between 5 and 7 weeks before being finalized.

Once deployed, Uniswap will compete directly with leading decentralized exchange BNB Chain: Pancake Swap.

It remains to be seen whether Uniswap will succeed in grabbing market share from PancakeSwap, which currently acts as a benchmark on the BNB Chain.

For its part, the BNB Chain is doing wonderfully. Indeed, it has fined the giant Ethereum in number of users. Thus, the BNB Chain account 20 million more unique addresses than Ethereum.

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Last Verdict

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