Uniswap, the largest decentralized exchange by trading volume, recently went live on the Avalanche network. The latest move expanded the DeFi exchange to seven chains, the others being Ethereum, Polygon, Optimism, Arbitrum, BNB Chain, and Celo.
Avalanche recently took to Twitter to share the news of Uniswap’s expansion to its network:
Support for the Avalanche network was enabled on Uniswap V3 nearly four months after the latter’s community voted in favor of a proposal for the same. According to the temperature check vote held in March 2023, the proposal to deploy Uniswap V3 on Avalanche was approved by an overwhelming majority. More than 91% of the voters were in favor of the deployment.
The proposal was brought forward by Abdullah Umar, Blockchain at Michigan’s Head of Governance, on February 25, 2023. According to the proposal on Uniswap’s governance forum, Umar underscored the importance of expanding to popular EVM chains in anticipation of the expiry of its Business Source License (BSL) on April 1, 2023.
The BSL expiry gave Uniswap the right to duplicate itself and use the forked code for commercial purposes. Avalanche was selected due to its consistent growth and the demand for a concentrated liquidity automated market maker (AMM). The vote ended on March 9, 2023, but the proposal wasn’t executed until July 12, 2023.
Speaking on the latest development, Ava Labs’ Head of DeFi and Developer Relations Luigi D’Onorio DeMeo stated:
We’re thrilled to welcome battle-tested DeFi mainstay Uniswap to C-Chain, strengthening the competition between DEXes on Avalanche. The opportunity set for DEXes on Avalanche is huge. As new Subnets launch, more liquidity for DEXes like Uniswap will likely come to C-Chain.
Uniswap currently boasts more than $1.5 trillion in all-time volume through over 139 million trades. The DeFi exchange’s total value locked (TVL) stood at $4 billion, with a seven-day trading volume of a whopping $7 billion. Uniswap’s governance token UNI saw a minor surge of 1% following its expansion to Avalanche.
