Following the recent proposal initiated by Michigan Blockchain, Uniswap V3 will be deployed on the Filecoin Virtual Machine (FVM).
A look at the details of the on-chain voting which started on September 30, 2023 and will end on October 6, 2023, reveals that 100% of the voters agree to the proposal.
Uniswap is a decentralized exchange that runs on the Ethereum blockchain. It is a leading decentralized crypto exchange that is fully decentralized, meaning it isn’t owned and operated by a single entity.
Uniswap is a completely different type of exchange that uses an automated liquidity protocol, which is a relatively new type of trading model.
Filecoin is a decentralized storage network that allows users to store files on a peer-to-peer network with built-in economic incentives and cryptography to ensure files are stored reliably over time.
Michigan proposal
It can be recalled that on May 25, 2023, Abdullah Umar, representing the Michigan Blockchain, submitted a proposal to introduce Uniswap v3 onto the Filecoin Virtual Machine (FVM).
The initiative follows the belief that the FVM, Filecoin Virtual Machine, is an innovative EMV-compatible environment that can help empower the Uniswap ecosystem.
Earlier, in March, the FVM was launched, marking a significant milestone for Filecoin by enabling smart contracts.
This milestone unlocked a world of possibilities for app development, creating synergies with stored data.
Some of the benefits expected from the deployment of Uniswap V3 on Filecoin include perpetual storage solutions, data DAOs for governance, data monetization, and DeFi functionalities.
Michigan noted that the liquidity provided by Uniswap will facilitate asset swapping within the Filecoin ecosystem.
Previous proposals
Over the past two years, a series of proposals related to Uniswap have seen various outcomes. Those with successful execution include the deployment of Uniswap V3 on Moonbeam and the establishment of the DeFi Education Fund
For Successful Implementation, there is the Optimism-Uniswap LM Program, including updates to incentivized pools and community governance processes, and the deployment of Uniswap V3 on Scroll. The Fund the Fee Switch Activation proposal was not approved.
