Members of the Uniswap community voted to deploy Uniswap v3 on the Boba Network layer 2 protocol on Ethereum.
With over 51 million votes, the proposal submitted by the Boba Foundation and FranklinDAO to deploy Uniswap v3 on the Boba Network has been approved. This means that the Boba Network will be the sixth chain to deploy Uniswap v3, with the rollout scheduled for the next few weeks. The move was backed by various entities including GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.
According to Alan Chiu, Co-Founder and CEO of Enya Labs, one of Boba Network’s main contributors, the move will enable ecosystem developers to build a new generation of on-chain and off-chain decentralized finance (DeFi) applications on top of Uniswap. Chiu explained that:
“While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer on top of it that leverages Hybrid Compute to take advantage of existing TradFi compliant KYC/AML services.”
As a result, Chiu noted that the decentralized exchange will be more accessible to the broader institutional market. Besides, The Boba Network team also believes this opens up an opportunity for Uniswap to expand into key Asian markets, noting that Boba Network has gained a lot of traction in South Korea and is slowly expanding into Japan.
Meanwhile, In a recent chat, Aave founder Stani Kulechov spoke with Cointelegraph editor-in-chief Alex Cohen about adopting DeFi. According to Kulechov, increased adoption of payments and stablecoins could lead to further growth in the DeFi space. The Aave founder highlighted that the onboarding of users to stablecoins puts them in a position where, over time, DeFi can be introduced.
In other news, a report from DappRadar revealed that DeFi is off to a strong start in 2023. Data from the statistics site highlighted that DeFi protocols saw significant growth in their total value locked in January.
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