As the largest DEX platform on the Ethereum blockchain, Uniswap commands as much as $2.36 billion in the total value of assets in the Dapp’s smart contracts, allowing users anywhere in the world to trade crypto without an intermediary.
Members of the Uniswap community have voted in favor of deploying the V3 version of the Ethereum-based Decentralized Exchange (DEX) on the Boba Network. As contained in a Press Release shared with Coinspeaker, the governance vote to launch Uniswap V3 was massively supported with 51.01 million votes polled above the necessary 40 million.
The result of the vote signifies many potential milestones in the emerging Decentralized Finance (DeFi) ecosystem. It shows how attractive the Boba Network Layer-2 scaling protocol is and by how much members of the Uniswap community want diversity. With Boba Network being an Ethereum Virtual Machine (EVM) compatible with other ERC-20 tokens, Uniswap will enjoy additional interoperability with the integration.
As announced the proposal to launch Uniswap on Boba Network was proposed by the protocol and FranklinDAO. The proposal was favored by major top stakeholders in the crypto ecosystem including but not limited to GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys. Following the unanimous agreement by members of the Uniswap community, the protocol will be integrated into Boba Network in the coming weeks.
Boba Network is branded as a multichain layer-2 scaling protocol that helps to amplify the transaction speed on its anchor network by as much as 40-100X. The advantages of the Boba Network is also enhanced by the Hybrid computing features of the protocol.
“Boba Network’s Hybrid Compute will make it possible for ecosystem developers to build a new generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap,” said Alan Chiu, the co-founder & CEO of Enya Labs, Boba’s core contributor. “While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer atop of it that leverages Hybrid Compute to tap existing, TradFi-friendly KYC/AML services. As a result, Uniswap will become more accessible to the larger institutional market.”
Uniswap V3 on Boba Network: Pushing the DEX Boundaries
With the year 2023 just shaping up, several crypto protocols are doing all they can to set their growth path in partnership with other functional partners. As the largest DEX platform on the Ethereum blockchain, Uniswap commands as much as $2.36 billion in the total value of assets in the Dapp’s smart contracts, allowing users anywhere in the world to trade crypto without an intermediary.
With the Boba Network integration, the capabilities of Uniswap as a DEX platform will be heightened as the exchange can now be interoperable with Avalanche, Fantom, Moonbeam, and BNB Chain, all of which have been integrated on Boba before now.
With Boba Network now making headway in key Asian markets like Japan and South Korea, the trading platform is also billed to benefit from this expansion. The decentralized exchange platform is billed to record a soft landing on Boba Network as the latter has committed $1 million worth of BOBA tokens for the preliminary operations on the Uniswap.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.