Members of the Uniswap community voted to implement Uniswap v3 on the Boba Network layer 2 protocol on Ethereum.
With more than 51 million votes, the proposal sent by Boba Foundation and FranklinDAO to implement Uniswap v3 on approved Boba Network. This means that the Boba Network will be the sixth chain to implement Uniswap v3, with the rollout scheduled to continue in the coming weeks. The move was backed by various entities such as GFX Labs, Blockchain in Michigan, Gauntlet, and ConsenSys.
According to Alan Chiu, co-founder and CEO of Enya Labs, a core contributor to the Boba Network, the move will allow developers within the ecosystem to create a new generation of on-chain and off-chain decentralized finance (DeFi) applications on top of Uniswap. Chiu explained that:
“While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer on top of it that leverages Hybrid Compute to take advantage of existing TradFi compliant KYC/AML services.”
As a result of this, Chiu noted that the decentralized exchange will become more accessible to the broader institutional market. Furthermore, the Boba Network team also believes this opens up an opportunity for Uniswap to expand into key Asian markets, noting that Boba Network has gained a lot of traction in South Korea and is slowly expanding into Japan.
Related: Wormhole wins second ‘temporary control’ to become bridge for Uniswap governance
Meanwhile, in a recent informal chat, Aave founder Stani Kulechov spoke with Cointelegraph managing editor Alex Cohen to discuss DeFi adoption. According to Kulechov, increased adoption of payments and stablecoins could lead to further growth in the DeFi space. The Aave founder highlighted that onboarding users into stablecoins puts them in a position where DeFi can eventually be introduced.
In other news, a report from DappRadar revealed that DeFi is off to a good start in 2023. Data from the statistics site highlighted that DeFi protocols saw significant growth in their total value locked in January.
