After receiving the support of a significant majority of voters in February, Uniswap v3 is now operational on BNB Chain.
Decentralized exchange Uniswap is officially live on BNB Chain, the smart contract blockchain built by Binance.
In February, more than 55 million UNI (UNI) tokenholders voted in favor of a governance proposal by 0x Plasma Labs to deploy Uniswap v3 on BNB Chain. The proposal was successfully passed.
The proposal was brought up due to the need for Uniswap to expand its reach and potentially drive further growth and adoption of decentralized finance (DeFi).
Prior to this, Wormhole was chosen as the Protocol’s designated bridge to BNB Chain in a temperature check vote. A temperature check is a process to determine whether there is sufficient will to make changes to the status quo.
According to the announcement, the expansion to BNB Chain offers several advantages, including user growth, lower fees and tapping into new geographical markets.
The announcement also states that the move to BNB Chain will enhance Uniswap’s ability to serve all users within the Web3 space and marks a step toward increasing accessibility and liquidity for its users.
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The move means that Uniswap users will be able to leverage BNB Chain’s ecosystem to trade and swap tokens across the network. The integration also allows Uniswap to tap into a pool of liquidity with BNB Chain’s DeFi developer community and increase awareness and adoption among retail and institutional investors.
According to the announcement, the launch aligns with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility. The launch is expected further to fuel the growth of both Uniswap and BNB Chain.