HomeBlockchainUniswap v3 protocol will be implemented on the BNB chain

Uniswap v3 protocol will be implemented on the BNB chain

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On the Uniswap governance forum, a proposal dubbed “temperature check” that would implement the Uniswap v3 protocol on the BNB Chain garnered overwhelming approval from the community.

Eighty percent of voters holding Uniswap’s UNI (UNI) governance token voted to install the third version of the decentralized exchange protocol on the BNB Chain, which is a competitor to the Ethereum network. This vote was carried out by UNI proprietary voters.

Ilia Maksimenka, CEO of decentralized finance protocol Plasma Finance, argued why the Uniswap v3 protocol should be implemented on the BNB Chain in a proposal published on Jan. 17. In the proposal, Ilia Maksimenka wrote: “We believe this is the right time for Uniswap to be implemented on the BNB PoS Chain, for many reasons (one being license expiration).”

Following the governance forum discussion, the Uniswap community conducted a poll known as a “temperature check” to determine whether or not the community was in favor of the proposed change.

Eighty percent of those who voted thought the deployment should go ahead, while twenty percent said no.

Blockchain software company ConsenSys expressed its approval of the move.

Despite concerns about centralization, the company ConsenSys considers the branding of the protocol to be “independent and not bound by any single chain,” according to Cameron O’Donnell, who serves as DAO Governance Strategist for ConsenSys.

O’Donnell provided the following explanation: “Regardless of personal views, Uniswap’s entry into the BSC marketplace will provide current and potential users with a secure and stable means of decentralized exchange.”

In addition, the ConsenSys executive said the company feels it is essential for Uniswap to be “chain agnostic” to better serve all customers within the Web3 environment. This was said 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 five to seven weeks to implement the appropriate smart contracts on the BNB Chain. This will take place after the government proposal has been accepted.

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

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

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

Update: Modified a part of the article to highlight that the proposal in question is to assess the interest of the community in adopting BNB Chain for the implementation of the v3. This particular vote is the first of the three votes needed to pass a government proposal.

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