Summary:
- Over 6,000 Uniswap community members voted on the proposal from 0xPlasma Labs.
- Around 80% voted to launch the Ethereum-based decentralized exchange on BNB Chain.
- The 0xPlasma Labs proposal opined that the DEX would enjoy added liquidity and onboard over a million active users by tapping the Binance Smart Chain ecosystem.
The Uniswap community voted in favor of launching Ethereum’s largest decentralized exchange (DEX) on BNB Chain to tap broader crypto liquidity and expand beyond ETH’s native blockchain network.
Some 6,495 community members spent a total of 24.9 million UNI voting on the proposal submitted by 0xPlasma Labs, a blockchain company led by Ilia Maskimenka. The results of the vote showed that 80.28% of members voted Yes spending 20 million UNI to back their decision. 19.72% of the votes spent 4.9 million UNI to oppose deploying the DEX on BNB Chain.
Ethereumworldnews previously reported the proposal’s first draft which rolled out on December 12, 2022. 0xPlasma Labs, an on-chain infrastructure developer focused on building tools for Uniswap, opined that the proposal would propel broader access to Ethereum’s largest DEX and tap liquidity from DeFi’s second-largest ecosystem.
The proposal will now advance to a governance vote.
Uniswap To Compete With PancakeSwap
Indeed, launching Uniswap on BNB Chain could throw the trading venue into direct competition with PancakeSwap. Launched in 2020, PancakeSwap was built as a decentralized exchange for the BNB Chain ecosystem, similar to how Uniswap was built for Ethereum.
DefiLama data showed that PancakeSwap boasted over $2.45 billion in total liquidity locked (TVL) with most of its TVL on Binance Smart Chain. Also, another $1.05 billion was locked up in staking facilities on the exchange at press time. The leading DEX on Binance’s blockchain also records hundreds of millions in daily trading volume.
Uniswap V3 could look to tap more than a million active user addresses on BNB Chain and secure a share of $5 billion in TVL on DeFi’s second-largest ecosystem. Currently, the Ethereum-based DEX has around $2.68 billion in TVL spread across ETH’s main chain, and layer 2 side chains like Polygon, Arbitrum, and Optimism.
