Leading decentralized exchange (DEX) Uniswap has officially launched on BNB Chain, the blockchain network closely linked to the world’s largest cryptocurrency exchange Binance.
Announcing the move via a Twitter post on Wednesday, the DEX platform said the deployment will offer faster and cheaper transactions than Ethereum Mainnet and make Uniswap more accessible to a larger audience.
55M UNI Token Holders Voted in Favor
The leading DEX expanded to the BNB Chain after a successful governance vote from the Uniswap community that was concluded on February 10. More than 66% of voters representing 55 million UNI token holders supported the deployment after Plasma Finance’s CEO, Ilia Maksimenka, released a proposal for the deployment last year.
Before that, the token bridge protocol Wormhole was chosen as Uniswap’s designated bridge to the BNB Chain in a preliminary vote.
Possible Benefits of the Deployment
Following his proposal, Maksimenka stressed that Uniswap launching on BNB Chain could offer a variety of benefits, such as expanding the DEX’s reach and “potentially drive further growth and adoption” of decentralized finance (DeFi).
Uniswap’s current total value locked (TVL) currently stands at $3.4 billion, according to DeFiLlama. Maksimenka said he believes the deployment could add another $1 billion to the platform’s TVL. The Plasma CEO also stated that deployment would also increase Uniswap’s user base, with one to two million new users joining the exchange.
With the deployment now officially completed, Uniswap users can now make use of the advantages the BNB Chain has to offer.
Commenting on the development, Alvin Kan, director of growth at BNB Chain, said:
“With BNB Chain’s thriving and dedicated community, scalability, and accessibility, it is a launchpad for all things web3, where protocols looking to reach larger audiences can grow.”
Meanwhile, Uniswaps native token, UNI, failed to impress on the news. The token fell by nearly 10% shortly after the announcement and was trading at $5.83 at the time of filing this report.
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