DeFi

The Uniswap Community votes to launch v3 on Boba Network.

Published

1 year ago

February 7, 2023

The members of the Uniswap Community have voted in favor of deploying the soon-to-launch version 3 of the Uniswap DeFI platform on Boba Network’s layer-2 protocol on Ethereum.

Boba Network submitted the proposal, which gained over 51 million votes, and FranklinDAO was backed by several entities, such as GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.The move means that the Boba Network will be the sixth chain to deploy Uniswap v3. The deployment is scheduled to proceed in the coming weeks.

According to Alan Chiu, co-founder and CEO of Enya Labs — a core contributor to Boba Network — the deployment will allow developers within the ecosystem to create a new generation of on- 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 atop of it that leverages Hybrid Compute to tap existing, TradFi-friendly KYC/AML services.

Chiu also highlighted that the Dex features and possibilities would be more accessible to the broader institutional market. Additionally, the Boba Network also believes that the deployment has opened up various opportunities for Uniswap to expand into Asian Markets, as the team highlighted that Boba Network gained a lot of traction in South Korea and is slowly expanding to Japan.

A DappRadar report revealed that DeFi is off to a good start in 2023. Data from the statistics site showed that DeFi protocols saw significant growth in their total value locked in January.