Uniswap V3 Deployment on BNB Chain Passes with 80% Vote

25. Januar 2023 Aus Von admin

• 80% of UNI token holders voted in favor of deploying Uniswap V3 on BNB Chain.
• The proposed deployment of v3 on the BNB Chain could pose a significant threat to PancakeSwap’s dominance on the network.
• Uniswap V3 has seen increased adoption since its launch in 2021.

The cryptocurrency world has been abuzz lately with news of Uniswap’s proposal to float its V3 deployment on the BNB Chain. On 22 January, the temperature check for this proposal passed with an overwhelming 80% of total votes cast in favor of the move. This marks a major milestone for the DeFi protocol, which since its launch in 2021, has been rapidly gaining in popularity.

The proposal, which was first published on 17 January, outlines Uniswap’s plan to deploy its V3 on the BNB Chain. By doing so, the decentralized exchange protocol hopes to take advantage of the BNB Chain’s growing user base and its ability to process transactions quickly and cost-effectively. In addition, Uniswap believes that it can bring its services to a larger audience by deploying its V3 on BNB Chain.

However, the intended deployment of v3 on the BNB Chain could pose a significant threat to PancakeSwap’s [CAKE] dominance on the network. PancakeSwap’s total value locked [TVL] on BNB Chain was $2.54 billion, representing a 49.39% share of the total TVL of $5.01 billion held on the chain. On the other hand, Uniswap v3, which was launched almost a year after PancakeSwap became operational, had a TVL of $2.71 billion at press time, having been deployed on five blockchains in the same period. This indicates that Uniswap’s V3 is becoming increasingly popular and could eventually overtake PancakeSwap as the dominant DeFi protocol on the BNB Chain.

The successful passage of Uniswap’s proposal is an exciting development in the DeFi world, and could potentially reshape the competitive landscape on BNB Chain. With its cutting-edge features such as high transaction speeds and low fees, Uniswap’s V3 deployment on BNB Chain could open up a new world of possibilities for DeFi users. As the protocol continues to gain traction, the DeFi space can look forward to an even more dynamic and competitive environment.