Decentralized Exchange Uniswap Starts Operation on BNB Chain

Uniswap Becomes BNB Chain

Decentralized exchange (DEX) giant Uniswap V3 (Uniswap) announced today that it has expanded to the BNB chain.

1/ Uniswap is now live on @BNBCHAIN

Start swapping your fave BNB tokens on the Uniswap web app today! https://t.co/JTiOmVWZl9 pic.twitter.com/pseoJ2qIku

—Uniswap Labs (@Uniswap) March 15, 2023

BNB Chain is a public blockchain operated by Binance, the largest crypto asset (virtual currency) exchange. The total assets deposited in the network (TVL) is about 650 billion yen ($5 billion), making it the second largest market after Ethereum (ETH).

So far, Uniswap V3 has been deployed mainly on Ethereum, with Layer 2 solutions such as Arbitrum, Polygon (MATIC), and Celo (CELO). The total TVL of the protocol is 460 billion yen ($3.5 billion). It is the largest decentralized exchange, and according to the data site CoinMarketCap, the daily trading volume is 300 billion yen ($2.3 billion), which is almost double that of the second-place derivatives exchange dydx (author point)

In terms of the number of unique wallets, which indicates the user base, Uniswap V3 has about 53,000 (according to DappRader), which is less than PancakeSwap, which is the top DEX of the BNB chain, about 120,000. The expansion to the BNB chain is expected to expand UniswapV3’s user base. Uniswap made the following statement on its official Twitter account.

connection:Why the DEX market is attracting attention in April when Uniswap v3 commercial use restrictions expire

The deadline for commercial use restrictions is approaching

Released in May 2021, Uniswap “v3” has functions useful for improving capital efficiency, such as flexible fee settings and “Concentrated Liquidity positions” that specify the price range of liquidity provision (LP). powered by. A mechanism to generate (mint) NFT tokens that reflect LP positions was also implemented.

At that time, the Uniswap v3 program code was released as an open source, but due to the “Vampire Attack” by other projects such as SushiSwap, the “Business Source License” required additional licenses for commercial use. (BSL) was established with a two-year limit.

When the business license (BLS) expires on April 1, 2011, v3 copy products are expected to proliferate. For this reason, the Uniswap community has planned to develop the official Uniswap multi-chain, and as a start, has allocated resources to advance into the BNB chain.

The proposal to deploy Uniswap v3 on the BNB chain passed with 66% of the votes in favor (55 million UNI) in a community vote completed on February 10th. In this vote, a16z (Andreessen Horowitz), a major Silicon Valley venture capital that holds a large amount of UNI tokens, also attracted attention by using 15 million UNI to vote against.

connection:Uniswap Approves Deployment To BNB Chain

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