Uniswap (UNI), a decentralized protocol, is set to launch the third version of its platform. The protocol aims to provide a convenient platform where users can seamlessly exchange ERC-20 tokens without using an order book.
To launch v3, the protocol performed a “heat test” for the eventual blockchain to use. The proposal was to deploy Uniswap v3 on the Binance Smart Chain (BNB) instead of the Ethereum blockchain. The proposal got the UNI community to vote on its government forum using their UNI tokens.
Surprisingly, about 80% of UNI holders supported the deployment of Uniswap v3 on BNB Chain, an Ethereum rival. Unfortunately, this left a smaller percentage of votes for the Ethereum blockchain, causing it to lose the temperature control proposal.
🦄 We are happy to share ours @0xPlasma deployment proposal @Uniswap v3 on @BNBCHAIN passed the “temperature check” with 20 million “YES” votes and 6,495 $UNI voters (the largest number in the entire history of Uniswap Governance).
We are moving towards the final “Management Draft” pic.twitter.com/HoIJgY8mX1
— 0xPlasma Labs: DeFi & NFT Metaverse 🦇 🔊 (@0xPlasma) January 22, 2023
0xPlasma Labs, a decentralized financial protocol, contributes to the proposal. According to a Twitter post by the firm he remarked that the “temperature check” on the proposal received 20 million “YES” votes. In addition, upvotes came from 6,495 $UNI voters, the most significant voting numbers in the history of the Uniswap governance system.
CEO of 0xPlasma Labs outlines the benefits of deploying Uniswap V3 on the BNB chain
Recently, the CEO of 0xPlasma Labs, Ilia Maksimenka, he wrote a proposal to deploy the Uniswap v3 protocol. The CEO argued the benefits of deploying the new v3 protocol on BNB Chain.
Maksimenka cited the expiration of Uniswap’s license as one of the reasons for choosing the BNB chain. He also mentioned that the chain has many packages that would help increase Uniswap’s popularity in the DeFi space. Some include high transactions, low fees, betting opportunities, cross-chain support, etc.
The CEO also acknowledged that Binance has gained a global presence and has been ranked as the largest crypto exchange in the world. Therefore, as a strong brand, the use of the BNB chain will accelerate global awareness and adoption of v3 for Uniswap.
The proposal will gain support
The proposal has received support from other companies and cryptocurrency participants. For example, ConsenSys, the blockchain software company behind one of Ethereum’s most important clients, is optimistic about the deployment move.
DAO Management Strategist at ConsenSys, Cameron O’Donnell, exposed attitude of society. First, the firm noted the need for Uniswap to be agnostic in its services to users, particularly in the Web3 space, even after its license expires in April.
O’Donnell therefore argued that existing and future users of the platform will have a secure and robust platform for decentralized exchange through the BSC marketplace. other supportive comments came from Brian-Armstrong, CEO of Coinbase, and Modong is also optimistic about deploying Uniswap v3 on BNB Chain.
The Plasma Finance team began its activities after the proposal was approved by the Uniswap administrative community. The team noted that deploying all relevant Uniswap smart contracts to the BNB chain could take five to eight weeks.
The price performance UNI has been completely on a positive streak for the past 30 days. The token has gained more than 28% in the last month and has shown a slight increase of 0.38% in the last seven days.
But at the time of writing, UNI is trading at $6.60which means the decline in the last 24 hours.
Featured image from CityAM, charts from Tradingview