The Uniswap decentralized exchange is officially deployed on BNB Chain, the smart contract blockchain developed by Binance.
Over 55 million UniSwap (UNI) token holders voted in favor of a governance proposal by 0x Plasma Labs to deploy Uniswap v3 on the BNB Chain in February, which was successfully approved.
The proposal was brought forward due to Uniswap’s need to broaden its reach and potentially drive further growth and adoption of DeFi.
Prior to this, Wormhole was chosen as the designated bridge from the Protocol to BNB Chain in a temperature check vote. The temperature check is a process to determine if there is sufficient will to make changes to the status quo.
According to the announcement, expanding to BNB Chain offers several advantages such as user growth, lower fees and access to new geographic markets.
The announcement also stated that the move to BNB Chain will enhance the Uniswap protocol’s ability to serve all users within the Web3 space and is a step forward in increasing accessibility and liquidity for its users.
The change means that users of the Uniswap Protocol will be able to take advantage of the BNB Chain ecosystem to trade and exchange tokens over the network. The integration also allows Uniswap to leverage a pool of liquidity with the BNB Chain decentralized finance (DeFi) developer community and increase awareness and adoption among retail and institutional investors.
According to the announcement, the release aligns with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility. This launch is expected to fuel the growth of both Uniswap and the BNB Chain.
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