Earlier today, 0xPlasma said that the proposal to implement Uniswap v3 on BNB Smart Chain (BSC) passed the “Temperature Check” and received 20 million votes. Now they are moving on to the final “Governance Proposal”.
Implementation of Uniswap v3 in BSC
According to 0xPlasma, the proposal to implement Uniswap v3 on the BNB chain garnered the most votes in Uniswap governance history.
More than 20 million voters, or 80.28% of the participants, supported this proposal. The poll also drew 6,495 UNI voters, the highest in Uniswap’s governing history.
Voting began on January 17 at 6:50 a.m. and ended on January 22 at 7:00 a.m., drawing nearly 25 million votes. The overwhelming support for this proposal gives 0xPlasma the green light to move on to the final “Governance Proposal”.
If allowed, it will authorize 0xPlasma Lab to implement Uniswap v3 on BSC, a proof-of-stake chain. The community feels that the time might be right to add Uniswap to the BSC.
Current Uniswap v3 Stats
Uniswap currently has a total value locked (TVL) of $3.65 billion. Outside of this, most assets are locked up in ethereum, with $3.41 billion under management; tokens on Polygon stood at $101.94 million.
Arbitrum manages $85.08 million; and Optimism has $47.04 million in Uniswap assets. Meanwhile, $1.26 million is locked up in Celo.
Reasons to implement Uniswap v3 in BNB CHAIN
There are several reasons why the 0xPlasma community is ready to implement Uniswap on the BNB Chain. Them argue that the BNB Chain user base is experiencing high growth which will provide Uniswap v3 with a new market and that the high speeds and low transaction costs on BNB Chain are beneficial to the Uniswap decentralized exchange.
Additionally, supporters say that Binance continues to embrace DeFi in its ecosystem; therefore, BNB Chain will allow Uniswap to take advantage of its popularity. Also, Uniswap v3 can gain exposure as Binance promotes and supports great projects.
BNB DeFi needs Uniswap v3
The implementation is mutually beneficial to both BNB Chain and Uniswap v3. The BNB chain requires a robust decentralized exchange (9DEX) ecosystem to function better; Uniswap v3 offers the services. Furthermore, BSC requires better sources of liquidity and its assets need a highly credible DEX infrastructure. Therefore, the BNB community needs the addition of Uniswap to its ecosystem.
The result
The integration of BNB Chain and Uniswap v3 will likely bring better financial incentives and liquidity. The 0xPlasma community proposes the integration of liquidity farming and the Quadrat Protocol to attract liquidity. Regarding governance, 0xPlasma Labs recommends using Celer Bridge to improve cross-chain messaging.
