Sunday, July 14, 2024

Uniswap v3 Protocol to Be Deploy to BNB Chain

On the governance forum for Uniswap, a proposal referred to as a “temperature check” that would deploy the Uniswap v3 protocol to BNB Chain garnered overwhelming approval from the community.

Eighty percent of voters who possess Uniswap’s UNI (UNI) governance token voted in support of installing the third version of the decentralised exchange protocol on BNB Chain, which is a competitor of Ethereum’s network. This vote was carried out by voters who own UNI.

Ilia Maksimenka, CEO of the decentralised finance protocol Plasma Finance, argued why the Uniswap v3 protocol should be deployed to BNB Chain in a proposal that was posted on January 17. In the proposal, Ilia Maksimenka wrote: “We believe this is the right moment for Uniswap to deploy on BNB PoS Chain, for many reasons (one of them is License expiration).”

Following the debate on the governance forum, the Uniswap community carried out a poll known as a “temperature check” in order to determine whether or not the community was in favour of the proposed change.

Eighty percent of those who voted thought that the deployment should go place, while twenty percent said that it should not.

The blockchain software company ConsenSys expressed their approval of the action.

Despite worries over centralization, the company ConsenSys considers the brand of the protocol as “standalone and not subject to any single chain,” according to Cameron O’Donnell, who serves as the DAO governance strategist for ConsenSys.

O’Donnell provided the following explanation: “Regardless of personal viewpoints, the entry of Uniswap into the BSC market will give present and prospective users with a safe and stable means for decentralised exchange.”

Additionally, the ConsenSys executive said that the company feels that it is essential for Uniswap to be “chain agnostic” in order to better serve all customers within the Web3 environment. This was stated in reference to a previous statement made by the executive. After the governance proposal has been accepted, the Plasma Finance team estimates that it will take between five and seven weeks to deploy the appropriate smart contracts to BNB Chain. This will be place after the governance proposal has been accepted.

On December 22, the number of unique addresses on the BNB Chain network exceeded that of the Ethereum network.

The data from BSC Scan revealed that the blockchain included 233 million addresses, which is much more than Ethereum’s count of 217 million unique addresses.

Despite the fact that this chain claims to be “the biggest tier 1 blockchain,” its statistics are a long cry from the one billion unique addresses that the Bitcoin network has.

Update: A portion of the article has been modified to highlight that the proposal in issue is to assess the community’s interest in adopting BNB Chain for v3 protocol deployment. This particular vote is the first of three votes that are necessary to approve a governance proposal.

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