The proposal was presented by OxPlasma Labs. Voting ended Sunday night with approximately 20 million tokens in support of the move. Plasma reports that our proposal to deploy Uniswap v3 via BNB Chain passed the ‘Temperature Check’ with 20M votes YES’ and 6,495 $UNI voter (the largest number in the entire Uniswap Governance History). Tweet.
Uniswap relies on smart contract technology to match trades between traders and provide liquidity between them, just like other decentralized exchanges. It holds more than $3.4 billion in various tokens across five blockchains. V3, the most recent iteration, commands $2.6 billion. According to DefiLlama.
Plasma stated that the move was justified because BNB Chain, a Blockchain closely linked to the centralized cryptocurrency exchange Binance has a large user base and low transaction fees. This makes it a good platform for Uniswap’s DEX services.
Developers wrote that deploying to BNB Chain could allow Uniswap access to the growing popularity and decentralized finance in Binance. “BNB Chain has unique features like cross-chain support and stake that could improve Uniswap v3’s functionality.”
Plasma’s move to BNB Chain, among other benefits, could attract at most $1 billion in additional liquidity through the BNB Chain ecosystem and “1-2 million” new users.
Plasma is expected to present a final proposal detailing the move within the next few weeks.