Uniswap BNB Chain Deployment Gains Momentum
By Mark Hunter
4 hours agoTue Jan 24 2023 12:49:12
Reading Time: 2 minutes
- The prospect of Uniswap on BNB chain has gained momentum with an 80% vote
- The Uniswap community voted overwhelmingly in a “temperature check” to deploy on Binance’s blockchain
- The proposal will now go to a full governance vote
The proposed launch of Uniswap on Binance’s BNB Chain has gained momentum following an 80% vote in its favor. In what was classed as a “temperature check”, an initial vote within the Uniswap community saw eight out of ten voters support a move to deploy Uniswap V3 on BNB Chain, marking a surprisingly high show of enthusiasm. The vote, put forward by 0xPlasma Labs, saw around 20 million tokens cast in favor of such a deployment, which would see Uniswap present on both chains.
Ethereum Problems Prompt New Blockchain
Uniswap has been the decentralized exchange of choice ever since it launched in November 2018 on Ethereumalthough it encountered huge problems during the last bull run when gas fees in the region of hundreds of dollars made it unusable for all but the wealthiest of users.
Ethereum has helped this situation in part by switching to a proof-of-stake consensus mechanism, but it still hasn’t deployed the kind of scaling that will reduce gas fees and increase transaction speed. BNB Chain, meanwhile, coped almost flawlessly with the demand on its own decentralized exchange, and the bear market seems to have only increased sentiment that the next bull run will need Uniswap to ditch Ethereum for a blockchain that can cope.
Full Governance Vote Comes Next
0xPlasma Labs tweeted about the vote yesterday, revealing that it will now move to a full governance vote:
🦄 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
Rather than Uniswap leaving Ethereum for BNB Chain, the vote would give 0xPlasma Labs the authority to launch Uniswap V3 on BNB Chain, giving users a choice of which chain they would prefer to trade on.