Boba Network’s Community Votes to Launch Uniswap v3!

The Uniswap community recently called for a vote to deploy Uniswap V3 on the layer 2 network Boba on the Ethereum blockchain. The proposal was submitted by Boba foundation and Franklin DAO which was passed after it received 51 million votes. The Boba chain is the sixth chain to deploy Uniswap. The DEX is available on Ethereum, Polygon, Arbitrum, Optimism, and Celo network. The proposal is supported by GFX Labs, Blockchain at Michigan, Gauntlet and ConsenSys.

Read More: Top DeFi Projects & Tokens In 2023

The results are in and the community has voted to launch Uniswap v3 on @BobaNetwork!

Congratulations to everyone involved 🧋

— Uniswap Labs 🦄 (@Uniswap) February 3, 2023

 

Enya Labs founder Alan Chiu, said that Uniswap’s V3 deployment on Boba could help developers build decentralized applications on and off chain. 

“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,’’ Chiu exclaimed. 

He also believes that decentralized finance will be more accessible to the broader institutional market with Uniswap expanding at such a rapid pace. The DeFi market has grown in the Asian continent with expansion in Korea and with Uniswap being deployed on the Boba network, Japan will see a potential adoption of DeFi applications.

The deployment of Uniswap V3 on Boba will result in some positive outcomes. Firstly, Uniswap will see an influx of users from the network’s community. Secondly, there is a potential chance of an increase in Uniswap’s Total Value Locked as more users will flock to the DEX from the network. Uniswap is already the leading decentralized exchange with $2.36 billion in assets.   

Boba Network, a multichain layer-2 scaling solution based on optimism aims to maximize the potential of the rollup technology and enable adoption of blockchain communication. It is powered by Hybrid Compute technology. The network’s protocol offers lightning-fast transactions with fees that are 40 and 100 times cheaper than layer-1. The network is interoperable with EVM-based tools and has released multichain support for blockchains including  Avalanche, BNB, Moonbeam, and Fantom. With the help of advanced smart contracts,  developers make use of off-chain computation and real-world data to provide better experiences for decentralized apps. 

Boba Foundation has committed to Uniswap in fostering the adoption of the DEX on Boba Network with an allocation of $1 million BOBA tokens. 

“The funding is primarily intended to incentivize liquidity on Uniswap v3 on Boba Network, but any project that promises to boost adoption can apply for a grant,” Boba said.

The Uniswap Grants Program (UGP) and Boba Foundation will share combined ownership of a multisig wallet in which these tokens will be transferred.

While Uniswap is expeditiously growing in the DeFi space, Aave’s founder Stani Kulechov told Cointelegraph’s managing editor, Alex Cohen, that adoption of payments and stablecoins could lead to increased growth in the DeFi space. The lending platform’s founder also highlighted that onboarding users to use stablecoins puts the DeFi leaders in a position where they can encourage others to introduce and adopt DeFi. 

In addition to this, another news from DappRadar – a leading dApp repository platform published a  report revealing that DeFi started well in 2023. Data points from the statistics highlighted that DeFi protocols saw significant growth in their total value locked in January, 2023. 

Additional Read: Uniswap beats Coinbase 

Source: Cointelegraph