Uniswap Ballot Exhibits 80% Help Decentralized Crypto Change’s Transfer to BNB Chain

A ‘temperature test’ to gauge help within the Uniswap group for a potential transfer of the decentralized change’s V3 protocol to BNB Chain noticed some 80% of UNI token holders vote in favor.

Voting on the proposal, floated by Plasma Labs, ended Sunday night time with about 20 million tokens solid in favor of the transfer. “Our proposal to deploy Uniswap v3 on BNB Chain has handed the ‘Temperature Test’ with 20M votes ‘YES’ and 6,495 $UNI voters (the largest quantity for the entire Uniswap Governance Historical past),” Plasma tweeted.

Uniswap, like different decentralized exchanges (DEXs), depends on good contracts to match trades and provide liquidity between merchants. It locks up over $3.4 billion value of varied tokens throughout 5 blockchains, with V3, the most recent iteration, commanding $2.6 billion of that determine, in keeping with DeFiLlama.

Plasma stated the transfer is warranted as a result of BNB Chain, a blockchain carefully linked to the centralized crypto change Binance, has a big and rising consumer base, offering a possible new market, in addition to excessive transaction speeds and low charges, making it an appropriate platform for Uniswap’s DEX providers.

“Deploying to BNB Chain may assist Uniswap to faucet into the rising reputation of DeFi within the Binance ecosystem,” builders wrote in that proposal. “BNB Chain presents distinctive options reminiscent of staking and cross-chain help that would improve Uniswap v3’s performance.”

Amongst a number of different advantages, Plasma added a transfer to BNB Chain may entice a minimum of $1 billion in extra liquidity from the BNB Chain ecosystem in addition to “1-2 million new customers.”

Plasma is anticipated to drift a remaining proposal outlining the transfer within the coming weeks.