Uniswap joins BNB Chain

Using BNB Chain, Binance’s smart contract blockchain, the decentralized exchange known as Uniswap is currently actively trading on the network.

More than 55 million people who possess UniSwap tokens participated in a vote in February to endorse a governance proposal by 0x Plasma Labs to launch Uniswap v3 on the BNB Chain.

The proposal was successful and approved.

The suggestion was introduced as a result of Uniswap’s desire to extend its reach and perhaps promote the expansion and acceptance of DeFi.

Before this, a Temperature Check vote established Wormhole as the Protocol’s authorized bridge to BNB Chain.

The temperature check is a method for determining if sufficient motivation exists to alter the status quo.

According to the release, the extension of the BNB Chain provides several benefits, including an increase in users, reduced rates, and access to new geographic markets.

The release also noted that the migration to BNB Chain would increase the Uniswap Protocol’s capacity to service all Web3 users and represent a step toward enhancing its users’ accessibility and liquidity.

Users of the Uniswap Protocol will be able to trade and swap tokens throughout the network using BNB Chain’s ecosystem.

The connection also enables Uniswap to access a pool of liquidity via BNB Chain’s decentralized finance (DeFi) developer community and to promote retail and institutional investor awareness and acceptance.

According to the statement, the launch meets the DeFi industry’s need for increased accessibility and cross-blockchain interoperability.

The introduction is anticipated to contribute to the expansion of both Uniswap and BNB chains.