0xPlasma Labs’ “Deployment of Uniswap V3 on the BNB Chain” proposal tabled to the Uniswap community is approved. Passing the “Temperature Check” phase with 20 million “Yes” votes (80.28% of participants) and 6,495 $UNI voters, the proposal now enters the final “Governance Proposal” phase.
Sharing the breaking news, 0xPlasma Labs tweeted:
🦄 We’re excited to share that our @0xPlasma proposal to deploy @Uniswap v3 on @BNBCHAIN has passed the "Temperature Check" with 20M votes "YES" and 6,495 $UNI voters (the biggest number for the whole Uniswap Governance History).— 0xPlasma Labs: DeFi & NFT Metaverse 🦇 🔊 (@0xPlasma) January 22, 2023
Moving forward to the final "Governance Proposal" pic.twitter.com/HoIJgY8mX1
0xPlasma Labs is reported to have said its team would manage the UI for Uniswap V3 on BNB Chain. The voting in question took place on January 17, 6:50 AM, and remained open until January 22, 7:00 AM.
Uniswap’s total value locked (TVL) is reported to be $3.65 billion, with $3.41 billion assets in management locked in ethereum. Its tokens in Polygon are valued at $101.94 million. While Arbitrum manages $85.08 million, Optimism accounts for $47.04 million of Uniswap assets. Celo has $1.26 million locked.
Deploying Uniswap V3 on BNB Chain is beneficial as the user base of the latter is witnessing high growth. It could provide Uniswap V3 a new market and swift speeds. BNB Chain’s low transaction costs would benefit Uniswap’s decentralized exchange (DEX).
The said deployment would benefit the BNB Chain and Uniswap V3. The BNB Chain would receive a strong decentralized exchange ecosystem for operational enhancement. BSC also needs a strong liquidity whereas its assets require a dependable DEX infrastructure. So, the fusion of the BNB community and its ecosystem with Uniswap is a winning combo.
BNB Chain and Uniswap V3 integration would lead to enhanced financial incentives and liquidity. For the same, the 0xPlasma community has proposed integrating liquidity farming and the Quadrat Protocol. As for the governance, 0xPlasma Labs suggests Celer Bridge can be used for better cross-chain messaging.