Holders of Uniswap (UNI) have decided to deploy the third version of the decentralized exchange protocol (DEX) on the BNB Chain, a competitor of the Ethereum network.
In a proposal posted on January 17, Ilia Maksimenka, CEO of the decentralized finance (DeFi) protocol Plasma Finance, highlighted the reasons why the Uniswap v3 protocol should be distributed to the BNB Chain. Maksimenko wrote:
“We believe this is the right moment for Uniswap to deploy on the BNB PoS Chain, for many reasons (one of which is the expiration of the License).”
After the discussion in the governance forum, the Uniswap community conducted a “temperature check” poll to see if the community approves of the proposal. 80% of the votes came from those who supported the spread, while the other 20% voted against the renewal.
Blockchain software company ConsenSys supports the move. According to Cameron O’Donnell, DAO Governance Strategist at ConsenSys, despite centralization concerns surrounding the BNB Smart Chain, the company considers the protocol brand to be “independent and not tied to any particular chain.” O’Donnell explains:
“Regardless of personal views, Uniswap’s entry into the BSC market will provide current and future users with a secure and robust medium for decentralized exchange.”
In addition, ConsenSys executives also said that the company believes it is important for Uniswap to be “chain agnostic” in order to better serve all users in the Web3 space.
After the approval of the governance proposal, the Plasma Finance team estimates that the necessary deployment of smart contracts to the BNB Chain may take about 5 to 7 weeks.
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On December 22, the BNB chain surpassed the Ethereum network in terms of unique addresses. BSC Scan data shows that the blockchain has 233 million which is more than 217 million unique addresses in Ethereum. However, while the chain claims to be the “largest layer 1 blockchain,” that figure is far from the Bitcoin network’s 1 billion unique addresses.