Popular decentralized finance (DeFi) platform Uniswap will be deploying the third version of its decentralized exchange (DEX) on Boba Network after the community voted heavily in favor of the proposal.
The governance proposal to launch Uniswap v3 on Boba Network — submitted by the Boba Foundation and the FranklinDAO last year — received more than 51 million votes in favor, and was backed by entities such as ConsenSys, Gauntlet, Blockchain at Michigan, GFX Labs, and more. The deployment of Uniswap v3 on Boba Network is scheduled to proceed in the coming weeks, and will make the layer 2 protocol the sixth network to support the popular DEX.
The team behind Boba Network noted that the deployment of v3 will also open opportunities for Uniswap to expand into the Asian market, considering the network has already gained traction in the South Korea and is now expanding in Japan. The move will also allow developers within the ecosystem to build a new “generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap”. The co-founder and CEO of Enya Labs — the core contributor of Boba Network — Alan Chiu said in a statement:
“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.”
Another Uniswap governance vote — which proposes the deployment of v3 on BNB Chain — has been opposed by venture capital (VC) firm Andreessen Horowitz (a16z), which used 15 million UNI tokens to vote against the move. Submitted by Plasma Labs, voting for the proposal — which passed a “temperature check” vote on 22 January with 80% of the votes going in favor of the move — is scheduled to end on 10 February, and currently has 61.67% support from the community.