Uniswap is officially on the BNB Chain.
Uniswap, the biggest decentralized crypto exchange (DEX) by volume, has deployed on Ethereum’s major rival BNB Chain.
In February, the majority of the decentralized crypto exchange’s governance token UNI holders agreed to deploy V3 of the DEX on BNB Chain, the second-largest smart contract blockchain network. Over 55 million UNI holders participated in the governance proposal managed by 0x Plasma Labs.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
5 Best Crypto Portfolio Diversification Strategies (Animated Explanation)
The integration will allow Uniswap users to trade and swap tokens across the BNB Chain, benefitting from the network’s low transaction costs compared to Ethereum. Besides lower fees, the vote is set to increase the user base and open up new geographical markets, according to the announcement.
On top of that, the integration will boost the DEX’s ability to support Web3 applications and is a major step in boosting the network’s liquidity.
During a Temperature Check vote, UNI holders had chosen the Wormhole multi-chain bridge as the official BNB Chain Bridge.
The BNB integration could increase awareness amongst institutional and retail investors. It could bring from one to two million new users into the protocol.
Commenting on the deployment, Ilia Maksimenka, 0xPlasma Labs CEO, said:
This proposal will authorize 0xPlasma Labs to deploy the Uniswap v3 Protocol to the BNB PoS Chain on behalf of the community.
0xPlasma Labs projects that the BNB Chain launch will boost Uniswap’s total value locked by $1 billion.
Uniswap V3 has been live on Ethereum since May 2021. It was the first platform to launch the “Concentrated liquidity” model, which improved capital deployment by letting liquidity providers pick the specific ranges for deployed assets.
Besides BNB Chain, the DEX is launched on Polygon, Ethereum, Optimism, Celo, and Arbitrum blockchain networks. It will soon roll out on zkSync.