Uniswap Approves Proposal to Deploy to BNB Chain via Wormhole Bridge

Despite the controversy from the a16z fund, the proposal to bring Uniswap to BNB Chain with Wormhole was overwhelmingly approved by the community.

Uniswap Approves Proposal to Deploy to BNB Chain via Wormhole Bridge

On the evening of February 10, the vote on the Uniswap community on deploying this DEX on BNB Chain ended with overwhelming support.

Accordingly, up to 65.89% of the total 55.88 million UNIs voted in favor of bringing Uniswap v3 to BNB Chain, using Wormhole’s cross-chain solution. The list of supporters includes many big names such as ConsenSys (7 million UNI), Compound founder Robert Leshner (5.76 million UNI), GFX Labs (4.92 million UNI).

The results of the vote put Uniswap v3 on BNB Chain. Source: Tally

In the opposite direction, the largest voting organization, a16z investment fund, used all of its 15 million UNIs to oppose the proposal. This is the first time in history that a16z uses the entire amount of UNI directly controlled by them to participate in governance voting. According to some reports, a16z owns up to 40 million UNIs, but has entrusted 25 million to other organizations.

The reason for the protest was that a16z wanted Uniswap to use its cross-chain bridge solution, LayerZero, instead of the Wormhole of rival hedge fund Jump Crypto.

Even so, the proposal has been passed and Uniswap will be deployed to BNB Chain in the near future, using Wormhole as a cross-chain solution.

Uniswap has continuously made proposals to expand operations from the original blockchain, Ethereum, to newer platforms such as Arbitrum, Polygon, Optimism, Celo and, most recently, Boba Network and BNB Chain.

The reason is that the intellectual property copyright for the programming code of Uniswap v3 will expire on April 1, forcing the project to quickly capture market share on other major chains to prevent competitors from entering the market. like PancakeSwap on BNB Chain replicating the model.

According to data from DeFiLlama, Uniswap is currently the largest DEX exchange in the crypto industry with a 24-hour trading volume of $2.29 billion, 7 times higher than its competitor, PancakeSwap, while TVL is also 1.5 times larger than the leading DEX exchange. BNB Chain head.

Top 10 DEX exchanges with the largest volume in DeFi array, DeFiLlama screenshot at 09:35 PM on 10/02/2023

Synthetic Kyptos

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img