- 80% of UNI token holders voted in favor of a V3 deployment on BNB Chain.
- Uniswap V3 has seen elevated adoption since its launch in 2021.
Uniswap’s [UNI] proposal to float its V3 deployment on the BNB Chain handed the “temperature test” on 22 January, with 80% of complete votes solid in favor of the transfer.
🦄 We’re excited to share that our @0xPlasma proposal to deploy @Uniswap v3 on @BNBCHAIN has handed the “Temperature Test” with 20M votes “YES” and 6,495 $UNI voters (the most important quantity for the entire Uniswap Governance Historical past).
Transferring ahead to the ultimate “Governance Proposal” pic.twitter.com/HoIJgY8mX1— 0xPlasma Labs: DeFi & NFT Metaverse 🦇 🔊 (@0xPlasma) January 22, 2023
The proposal, which was first revealed on 17 January, outlined Uniswap’s plan to deploy its V3 on the BNB Chain. The proposal highlighted a number of causes for the proposed deployment, together with the truth that BNB Chain’s rising person base offered a possible new marketplace for v3.
Furthermore, BNB Chain supplied excessive transaction speeds and low charges, making it an acceptable platform for UNI’s decentralized change providers.
Life like or not, right here’s Uniswap’s market cap in BTC’s phrases
Battle of the Dexes
Nevertheless, the supposed deployment of v3 on the BNB Chain may pose a major risk to PancakeSwap’s [CAKE] dominance on the community. PancakeSwap’s complete worth locked [TVL] on BNB Chain was $2.54 billion, representing a 49.39% share of the whole TVL of $5.01 billion held on the chain.
For context, Uniswap v3, which was launched nearly a yr after PancakeSwap turned operational, had a TVL of $2.71 billion at press time. It had been deployed on 5 blockchains in the identical interval, together with Ethereum [ETH], Polygon [MATIC], Arbitrum, Optimism [OP], and Celo [CELO].
On account of the a number of enhancements that the V3 deployment launched, the DEX noticed an elevated stage of adoption amongst a number of decentralized finance (DeFi) customers.
Furthermore, elevated person exercise since its launch triggered Uniswap to change into probably the most energetic good contract on the Ethereum community final yr, per Token Terminal. Furthermore, the quantity of gasoline within the final yr totaled $204.24 million, with 15.54 million transactions accomplished.
Learn Uniswap’s [UNI] Value Prediction 2023-2024
In a put up revealed on Uniswap Governance Forum in December 2022, GFX Labs opined:
“Uniswap v3 is positioned to compete considerably with PancakeSwap.”
Uniswap v3 proves itself
Uniswap v3 has already demonstrated its capability to seize a big market share, as seen by its takeover of a good portion of the Polygon DEX market share by quantity. This was confirmed by knowledge from Dune Analytics.
Particularly, Uniswap v3 held 80% of the market share at press time. Furthermore, Quickswap’s market share dropped from 55% to lower than 10% since Uniswap v3’s debut on Polygon in late 2021.