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Governance Voting on BNB Chain Deployment
Decentralized exchange (DEX) giant Uniswap held a preparatory vote at the Uniswap DAO on its proposal to deploy Uniswap v3 on the BNB chain. The proposal passed a preliminary vote and will then be put to a formal governance vote.
About 80% of the 6,495 wallets that participated in the preparatory vote contributed a total of 20 million UNI tokens in favor of the proposal.
The proposal, drafted by 0xPlasma Labs, aims to roll out Uniswap’s latest version, Uniswap v3, on the BNB chain.
BNB Chain is a decentralized public blockchain operated by Binance, the largest crypto asset (virtual currency) exchange. It is designed to support the development and deployment of decentralized applications (dApps) and decentralized finance (DeFi) projects.
Going forward, BNB Chain is expected to become the sixth network to support Uniswap if it gets a governance vote and the proposal is officially approved.
Uniswap v3 is already available on Ethereum (ETH), Polygon (MATIC), Arbitrum, Optimism (OP) and Cero (CELO). According to DeFiLlama, it handles 495 billion yen ($3.8 billion) worth on these five chains.
What is DEX (Distributed Exchange)?
A decentralized exchange built on blockchain. It is also called “DEX” from “Decentralized EXchange”, which is an English translation of “decentralized exchange”. Since transactions are conducted directly between parties without going through a central administrator, there is no need to pay a fee to the administrator, and other features include low liquidity and the user managing the private key.
Cryptocurrency Glossary
Advantages of BNB chain expansion
0xPlasma Labs identified the following main benefits of Uniswap as it deploys to the BNB chain:
- Approximately 130 billion yen ($1 billion) additional TVL (total amount deposited), huge trading volume, commission income
- 1-2 million new users and UNI token holders
- Expanding Adoption of Uniswap NFT Platform
- Incentives to increase liquidity
In addition, he mentions the functions of the BNB chain such as staking and cross-chain support, transaction speed and low fees, the increased awareness of Uniswap due to the brand power of Binance, and the possibility of providing new products. are doing.
0xPlasma Labs also proposed using one of the current ETH/BNB bridges, HyperLoop, for governance and cross-chain infrastructure.
What is cross chain
Cross-chain refers to the technology of crossing over blockchains with different standards and specifications and connecting them.
Cryptocurrency Glossary
Introduction of NFT Marketplace
Uniswap will acquire NFT aggregator “Genie” in 2022. On November 30th, it launched its own NFT aggregator (aggregation site) marketplace and introduced an NFT buying and selling function.
Relation: Uniswap launches NFT aggregator
The post Uniswap Approves Deployment To BNB Chain With Preliminary Vote appeared first on Our Bitcoin News.
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