- 0xPlasma Labs’s proposal seeks to have Uniswap v3 deployed on the BNB Chain.
- Uniswap could benefit from an ecosystem with nearly $1.2 billion in TVL and a large, growing user base.
- The proposal is expected to go to a final governance vote in coming weeks.
Decentralised exchange Uniswap’s v3 protocol could be deployed on the BNB Chain after a majority of participants in a community vote on the proposal gave the move a thumbs up.
0xPlasma Labs proposal for Uniswap v3 approved by community
According to 0xPlasma Labs, a decentralised finance (DeFi) and Metaverse NFTs platform, an initial vote on the proposal saw 80.28% of participants approve it. 0xPlasma Labs introduced the Uniswap proposal on 12 December 2022, with an announcement it shared on 22 January 2023 showing that 6,495 holders of Uniswap native token UNI voted in favour.
About 20 million tokens were locked as part of the process, with this “temperature check” representing “the biggest number for the whole Uniswap Governance History.” About 4.9 million UNI tokens, or roughly 19.72% of the holders were against the move.
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🦄 We’re excited to share that our @0xPlasma proposal to deploy @Uniswap v3 on @BNBCHAIN has passed the “Temperature Check” with 20M votes “YES” and 6,495 $UNI voters (the biggest number for the whole Uniswap Governance History).
Moving forward to the final “Governance Proposal” pic.twitter.com/HoIJgY8mX1– 0xPlasma Labs: DeFi & NFT Metaverse 🦇 🔊 (@0xPlasma) January 22, 2023
Benefits to the Unswap ecosystem
0xPlasma Labs noted in their proposal that deploying Uniswap v3 on the BNB Chain could bring several benefits to the DEX ecosystem. For one, the BNB Chain has a huge user base that’s still growing, something that could see Uniswap benefit from a potential new market.
Additionally, BNB Chain’s high transaction speeds and low fees are key features that will benefit Uniswap’s decentralised exchange services and DeFi (BNB Chain has a total value locked, or TVL, of about $1.2 billion.)
“BNB Chain’s strong governance model and active community could provide valuable support and feedback for the development of Uniswap v3,” the 0xPlasma Labs team wrote.
The approval means the proposal is set for the final governance vote expected within coming weeks.