Uniswap community approves protocol deployment on the BNB network

A total of 6495 users took part in the voting

23.01.2023 - 14:20

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2 min

What’s new? The community of the decentralized protocol Uniswap has approved a proposal to deploy the project on the BNB Chain from the Binance exchange. Information about this is posted on the page of the decentralized voting platform Snapshot. Uniswap currently has a total value locked (TVL) of $3,65 billion, of which $3,41 billion is on the Ethereum blockchain. Deploying the Uniswap v3 protocol on BNB Chain could increase the TVL by another $1,18 billion, the proposal’s authors note.

Link to the proposal

Uniswap is a decentralized exchange (DEX) for the exchange of cryptocurrencies, created on the basis of Ethereum in 2018. The platform uses the native token UNI to provide liquidity. As of January 23, the trading volume exceeds $917 million, UNI ranks 19th in the cryptocurrency ranking with a capitalization of $5,1 billion and is trading at $6,77, down by 0,38% in 24 hours.

Details on the initiative. Among the main reasons for deploying the protocol on BNB Chain, the community cited a large and growing user base, as well as high speed and low fees on the network. In addition, BNB Chain offers staking functionality and cross-chain support. The ecosystem and the Binance brand could be triggers to attract new users to Uniswap and significantly expand the list of services offered by the protocol. A total of 6495 users took part in the vote, with more than 80% supporting the proposed initiative.

Earlier, Uniswap became the second-largest platform in terms of the daily trading volume of Ethereum cryptocurrency, overtaking its nearest rival, Coinbase exchange. From November 13-14, 2022, Binance processed applications worth $1,9 billion in ETH pairs with dollars or stablecoins Uniswap processed $1,1 billion, and Coinbase processed about $0,6 billion.

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