Supporters of the well-known decentralized exchange (DEX) Uniswap have shown strong approval for its integration with BNB Chain.
While the recent vote was merely an initial assessment and isn’t decisive at this point, it took place from January 17 to 22 following a suggestion by 0xPlasma Labs regarding the integration with the Uniswap audience.
According to the proposal, 0xPlasma Labs would be entrusted with the task of launching the Uniswap protocol on BNB Chain, acting as a representative of the broader community.
The proposal highlighted advantages of the BNB Chain, pointing out its expanding user community and its capacity for swift transactions at minimal costs.
Furthermore, the proposal underscored Binance’s role – the enterprise steering the BNB Chain. Binance has a history of endorsing and elevating top-tier projects, which could potentially boost visibility for Uniswap v3.
Official governance vote next
After tallying the votes, official results indicate that out of the total, 20 million votes, accounting for 80.28%, support the proposal, while 4.9 million votes, representing 19.72%, oppose it.
Within the Uniswap community, voting is facilitated through the use of the UNI governance token.
0xPlasma Labs, in a recent tweet, mentioned that the forthcoming action will be to present the proposal for governance on Uniswap. This will be succeeded by another round of voting by the community.
ConsenSys supports move
One of the notable entities supporting the deployment of Uniswap on Binance Smart Chain was ConsenSys, an Ethereum development company headed by Ethereum’s co-founder, Joseph Lubin.
Under the proposal, Cameron O’Donnell, the DAO governance strategist for ConsenSys, shed light on his endorsement. He believes that Uniswap should maintain a “chain agnostic” stance.
O’Donnell articulated that Uniswap contracts have built a solid reputation that users find trustworthy. Despite some reservations about the centralized nature of Binance Smart Chain (often referred to as “BSC”), he perceives Uniswap’s brand as independent, not tethered to any specific chain.
Uniswap by far most used on Ethereum
The proposed integration with BNB Chain is anticipated to leave Uniswap’s functionality on Ethereum and other networks it’s currently on, like Polygon, Optimism, Arbitrum, and Celo, unaffected.
Presently, the lion’s share of Uniswap’s usage is on Ethereum, with a total value locked (TVL) of $3.41 billion on Ethereum out of the overall $3.65 billion TVL spread across all its supported chains. As per 0xPlasma Labs’ calculations, the potential TVL that could come from the BNB Chain stands at roughly $1.18 billion.
It’s worth noting that BNB Chain is the rebranded version of what was previously called Binance Chain/Binance Smart Chain. BNB, the token native to this blockchain, is also Binance’s exchange token.