Decentralized exchange Uniswap is officially live on BNB Chain, the smart contract blockchain built by Binance.
More than 55 million UniSwap (UNI) token holders voted in favor of a governance proposal by 0x Plasma Labs to deploy Uniswap v3 on BNB Chain in February, which passed successfully.
The proposal was brought up due to the need for Uniswap to expand its reach and potentially drive further growth and adoption of DeFi.
Prior to this, Wormhole was chosen as the Protocol’s designated bridge to BNB Chain in a Temperature Check vote. The temperature check is a process to determine whether there is sufficient will to make changes to the status quo.
According to the announcement, the expansion to BNB Chain offers several advantages, including user growth, lower fees and tapping into new geographical markets.
The announcement also stated that the move to BNB Chain will enhance the Uniswap Protocol’s ability to serve all users within the Web3 space and marks a step towards increasing accessibility and liquidity for its users.
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The move means that Uniswap Protocol users will be able to leverage BNB Chain’s ecosystem to trade and swap tokens across the network. The integration also allows Uniswap to tap into a pool of liquidity with BNB Chain’s decentralized finance (DeFi) developer community and increase awareness and adoption among retail and institutional investors.
According to the announcement, the launch aligns with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility. The launch is expected further to fuel the growth of both Uniswap and BNB Chain.