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Uniswap Decentralized Exchange Community Overwhelmingly Supports Move to BNB Chain

Fredrik Vold
Last updated: | 2 min read
Image credit: Uniswap

The community around the popular decentralized exchange (DEX) Uniswap has voted overwhelmingly in favor of a deployment on BNB Chain.

The vote, which was only a “temperature check” and therefore is non-binding at the current stage, was held between January 17 and 22 after 0xPlasma Labs made a proposal about the deployment to the Uniswap community.

Under the proposal, 0xPlasma Labs will be given authority to deploy the Uniswap protocol on BNB Chain “on behalf of the community.”

The proposal also said that BNB Chain offers benefits such as “a large and growing user base,” as well as “high transaction speeds and low fees.”

Binance, the company behind BNB Chain, has a strong track record of supporting and promoting high-quality projects, potentially providing valuable exposure for Uniswap v3,” the proposal added.

Official governance vote next

Following the conclusion of the vote, the official count now shows 20m votes, or 80.28%, in favor of the proposal, and 4.9m votes, or 19.72%, against it.

Votes in the Uniswap community are made using Uniswap’s governance token UNI.

The next step now will be to bring the proposal up as a governance proposal on Uniswap with another community vote to follow, according to a tweet from 0xPlasma Labs.

ConsenSys supports move

Among those who voted in favor of deploying Uniswap on Binance Smart Chain was the Ethereum development firm ConsenSys, which is led by Ethereum co-founder Joseph Lubin.

Commenting under the proposal, ConsenSys’ DAO governance strategist Cameron O’Donnell explained that the proposal received his support because Uniswap should remain “chain agnostic.”

“Uniswap contracts have naturally established a strong brand that users trust. Although there are general concerns around the centralization of the BNB Smart Chain (“BSC”), we view the protocol’s brand as standalone and not beholden to any particular chain,” O’Donnell wrote.

Uniswap by far most used on Ethereum

The deployment on BNB Chain is not expected to have any impact on how Uniswap already works on Ethereum and other chains has been deployed on, including Polygon, Optimism, Arbitrum, and Celo.

For now, Uniswap sees by far the most use on Ethereum, with $3.41bn in total value locked (TVL) on that network out of $3.65bn in TVL across all the supported chains. According to an estimate from 0xPlasma Labs, the potential TVL from BNB Chain is around $1.18bn.

Source: Uniswap proposals

BNB Chain is the blockchain network formerly known as Binance Chain/Binance Smart Chain. The network’s native token is Binance’s exchange token BNB.