Uniswap (UNI), a decentralized protocol, is ready to deploy the third version of its platform. The protocol aims to provide a proper platform where users can seamlessly trade ERC-20 tokens without using an order book.
For the v3 launch, the protocol performed a “temperature test” for a possible blockchain to use. The proposal was to deploy Uniswap v3 on the Binance Smart Chain (BNB) instead of the Ethereum blockchain. The proposal led the UNI community to vote on its government forum using their UNI tokens.
Surprisingly, around 80% of UNI holders supported the deployment of Uniswap v3 on the Ethereum rival BNB chain. Unfortunately, this left a smaller percentage of votes for the Ethereum blockchain, which caused it to lose the temperature control proposal.
🦄 We are delighted to share that our @0xPlasma deployment proposal @Uniswap v3 on @BNBCHAIN passed the “Temperature Check” with 20M “YES” votes and 6,495 UNI$ voters (the highest number in the history of Uniswap governance).
Proceed to the final “governance proposal” pic.twitter.com/HoIJgY8mX1— 0xPlasma Labs: DeFi & NFT Metaverse 🦇 🔊 (@0xPlasma) January 22, 2023
0xPlasma Labs, a decentralized finance protocol, is contributing to the proposal. According to the post on Twitter, the firm Noted that the ‘temperature check’ on the proposal got 20 million votes for ‘YES’. Additionally, support votes came from 6,495 UNI$ voters, the largest number of votes in the history of the Uniswap governance system.
0xPlasma Labs CEO Lists Benefits of Uniswap V3 Deployment on BNB Channel
Recently, the CEO of 0xPlasma Labs, Ilia Maksimenka, wrote a proposal to deploy the Uniswap v3 protocol. The CEO backed up his argument on the benefits of deploying the new v3 protocol on the BNB channel.
Maksimenka cited Uniswap’s license expiration as one of the reasons for choosing BNB Chain. Furthermore, he mentioned that the chain offers many packages that would help boost Uniswap’s popularity in the DeFi space. Some include high transactions, low fees, staking opportunities, cross-chain support, and more.
Furthermore, the CEO acknowledged that Binance has gained a global presence, being considered the largest crypto exchange in the world. Therefore, as a strong brand, using the BNB channel will accelerate awareness and adoption of the v3 version globally for Uniswap.
The proposal gets support
The proposal received support from other companies and crypto participants. For example, ConsenSys, a blockchain software company behind one of Ethereum’s largest clients, is bullish on the rollout move.
DAO Governance Strategist at ConsenSys, Cameron O’Donnell, revealed the company’s position. First, the firm noted the need for Uniswap to be agnostic in its service to users, especially in the Web3 space, even with its license expiring in April.
Therefore, O’Donnell argued that current and future users of the platform would benefit from a secure and robust platform for decentralized trading through the BSC marketplace. Other supporting comments came from Brian-Armstrong, CEO of Coinbase, and Modong also optimistic about rolling out Uniswap v3 on BNB Chain.
The Plasma Finance team began operations after Uniswap’s governance community approved the proposal. The team noted that it could take five to eight weeks to deploy all relevant Uniswap smart contracts on the BNB chain.
The price performance UNI was fully on the positive track over the past 30 days. The token has gained over 28% over the past month and has shown a slight increase of 0.38% over the past seven days.
But at the time of this writing, UNI is trading at $6.60indicating a decline over the past 24 hours.
Featured image from CityAM, charts from Tradingview
