BNB

Uniswap Community Voting to Deploy V3 on BNB Chain

by BSC News

January 19, 2023

The dominent DEX in crypto has its sights set on BNB Chain, as the Uniswap community is voting heavily in favor of expanding v3 to the EVM-compatible chain.

Nearly 100% in Favor of Bringing Uniswap to BNB Chain

Voting is underway on a proposal that would shake the foundations of Decentralized Finance (DeFi) on BNB Chain. With two days left to vote, nearly 100% of $UNI holdres’ ballots have been cast in favor of a proposal to authorize 0xPlasma Labs to deploy Uniswap v3 on BNB Chain.

Check out @UniswapFND to have your say on whether Uniswap should be deployed on BNB Chain.

If you are a #UNI holder, cast your vote today ⤵️ https://t.co/8GzhWlkOFD pic.twitter.com/l0Tohz3S3c
— BNB Chain (@BNBCHAIN) January 18, 2023

The proposal outlines several reasons for bringing the crypto sector’s dominant Decentralized Exchange (DEX) to BNB Chain “as soon as possible,” including:

BNB Chain’s large and growing user base, high transaction speeds and low fees
Staking and cross-chain support on BNB Chain
Binance’s global presence, range of products and track record of supporting high-quality projects
BNB Chain’s strong community engagement, support for Decentralized Autonomous Organizations (DAOs), and fast-developing ecoystem of DeFi Decentralized Applications (dApps).

The expansion of Uniswap v3 to BNB Chain would pose a serious threat to the longstanding hegemony of PancakeSwap, which itself has been branching out to other chains such as Ethereum and Aptos.

As BSC News reported previously, some in the Uniswap community are confident that the protocol would assume a dominant position on BNB Chain, as it did previously on Polygon, in part because PancakeSwap’s pools are based on the less-efficient Uniswap v2.

The Battle of the DEXes on BNB Chain appears to be on the near horizon. In addition to Uniswap and Pancakeswap, top-ranked Avalanche DEX Trader Joe is entering the fray, and homegrown contenders include Baby Doge Swap and Wombat Exchange.

What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.