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Uniswap holders set to abandon Ethereum for BNB chain

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Reports say that a ”temperature check” proposal to deploy the Uniswap protocol on the BNB chain has received dominant support from the Uniswap community on the governance forum.

According to the reports, 80% of voters holding UNI governance tokens have voted to deploy the third version of the decentralized exchange protocol on BNB Chain, a rival of the Ethereum network.

Ilia Maksimenka, CEO of Uniswap, a decentralized finance protocol Plasma Finance, in a proposal gave the reason for arguing why Uniswap v3 protocol should be deployed to the BNB Chain.

“We believe this is the right moment for Uniswap to deploy on the BNB PoS Chain,”  says Uniswap CEO Maksimenka, “ for many reasons (one of them is License expiration).”

After the governance forum discussion, the Uniswap community ran a “temperature check” poll to see if the community was in support of the proposed move, forty percent of the votes were in favor of the deployment, while the remaining 20% voted against it.

Major blockchain software firm  ConsenSys supported the move. Cameron O’Donnell, the DAO governance strategist at ConsenSys, says the firm views the brand of the protocol as “standalone and not beholden to any particular chain” despite concerns about centralization.

“Regardless of personal views”, O’Donnell said, “ Uniswap entering the Binance Smart Chain (BSC) market will provide current and future users with a secure and established medium for decentralized exchange.”

Adding to this, the ConsenSys executive said he believed, as does his firm, that it is important for Uniswap to be “chain agnostic” to better serve all users within the Web3 space. Following the approval of the governance proposal, the Plasma Finance team estimates that the deployment of the necessary smart contracts to BNB Chain may take around five to seven weeks.

On Dec. 22, BNB Chain surpassed the Ethereum network in the number of unique addresses. BSC Scan data showed that the blockchain had 233 million addresses compared with the 217 million unique addresses on Ethereum. However, while the chain claims to be “the largest layer 1 blockchain,” the numbers are far from the Bitcoin network’s 1 billion unique addresses.

 

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