- With the support of 55 million users, Uniswap went live on BNB Chain.
- The expansion with Binance has expected to lower Uniswap’s gas fees.
Decentralized exchange Uniswap version 3 (V3) is officially live on the BNB Chain, the smart contracts-based blockchain developed by the crypto exchange Binance. Significantly, the DEX executed this integration after receiving 66% of governance votes from its community.
The proposal submitted in February was met with a positive response and received approval from the majority of over 55 million UNI token holders. 0x Plasma Labs, a self-custodial digital assets management platform, initiated the proposal to deploy Uniswap V3 on the BNB chain following Uniswap’s attempt to extend its reach.
Uniswap on Ethereum vs Binance
Being built on Ethereum, Uniswap users face the issue of L1’s high fees. The expansion to the BNB chain added the advantage of lower transaction fees to trade and swap tokens, including user growth and tapping into new geographical markets.
Through this expansion, Uniswap users can leverage the BNB chain’s ecosystem to trade and swap tokens across the network. The integration allows the DeFi protocol to increase awareness and adoption among institutional investors.
According to the announcement, the BNB chain expands Uniswap’s ability to serve all the users within the Web3 space. It marks a step towards increasing the accessibility and liquidity for the users. The launch may fuel the growth of both Uniswap and BNB Chain.
According to DefiLlama, the Binance DeFi chain supports nearly 555 protocols which combine to have a total value of over $5.01 billion locked with them. The total value locked with Uniswap across all its versions is a little under $3.5 billion.
Usually, ecosystem development results in bullish. However, with Uniswap it resulted in bearish. At the time of writing, Uniswap (UNI) is traded at the price of $5.94. And declined by 7.20% in the last 24 hours according to CoinMarketCap.
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