Binance Chain (BEP/BEP20)
Uniswap goes live on BNB Chain
BNB chain has announced the integration of Uniswap, the most popular decentralized exchange system by trade volume, which is now operational on BNB Chain. The Uniswap Protocol v3 has been implemented successfully on the BNB Chain after receiving 66% of voter support.
As of February 2023, more than 55 million UNI token holders voted in favor, a governance request by 0x Plasma Labs to implement Uniswap v3 on BNB Chain was approved. Shortly before this, in a Temperature Check vote, Wormhole was selected as the Protocol’s designated bridge to the BNB Chain.
The addition of the BNB Chain is anticipated to bring about several important benefits, including an increase in users, decreased fees, and the opening up of new geographic markets. Users are also provided with better and more affordable trading choices as a result of this action.
Additionally, the transition to BNB Chain is expected to improve the Uniswap Protocol’s capacity to better serve all users inside the Web3 domain and it represents an important step toward enhancing accessibility and liquidity for its users.
Speaking on this, the Director of Growth at BNB Chain Innovation, Alvin Kan said that with BNB Chain’s robust and committed community, scalability, and accessibility, it is a suitable launchpad for web3-related services, where protocols seeking a wider reach can grow. He also expresses the team’s delight to see Uniswap’s ongoing dedication to providing value to its consumers and laying the groundwork for the decentralization of the future.
The expected outcome of this transition
Uniswap Protocol users can now enjoy BNB Chain’s quick transactions and low transaction costs when trading and swapping tokens across the network. The integration also enables Uniswap to access a new source of liquidity and the substantial DeFi developer community of BNB Chain, as well as to raise awareness and encourage adoption among institutional and retail investors, potentially adding 1-2 million new users and participants to the Protocol.
The debut is timely since it satisfies the DeFi sector’s demand for better accessibility and interoperability across blockchains. With the deployment of Uniswap Protocol on the BNB Chain, it will be able to take a bigger chunk of the expanding DeFi industry.
As more people join the ecosystem to benefit from what DeFi has to offer, it is anticipated that the launch will accelerate the expansion of both Uniswap and BNB Chain.