Uniswap Poll Shows 80% Support Decentralized Crypto Exchange's Move to BNB Chain

More than 20 million UNI were staked by community members to cast their votes.

AccessTimeIconJan 23, 2023 at 12:16 p.m. UTC
Updated Jan 23, 2023 at 4:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A "temperature check" to gauge support in the Uniswap community for a possible move of the decentralized exchange’s V3 protocol to the BNB Chain saw 80% of UNI token holders vote in favor.

Voting on the proposal, which was floated by OxPlasma Labs, ended Sunday night with about 20 million tokens cast in favor of the move. “Our proposal to deploy Uniswap v3 on BNB Chain has passed the 'Temperature Check' with 20M votes 'YES' and 6,495 $UNI voters (the biggest number for the whole Uniswap Governance History),” Plasma tweeted.

Uniswap, like other decentralized exchanges (DEXs), relies on smart contracts to match trades and supply liquidity between traders. It locks up over $3.4 billion worth of various tokens across five blockchains, with V3, the latest iteration, commanding $2.6 billion of that figure, according to DefiLlama.

Plasma said the move is warranted because BNB Chain, a blockchain closely linked to the centralized crypto exchange Binance, has a large and growing user base, providing a potential new market, as well as high transaction speeds and low fees, making it a suitable platform for Uniswap’s DEX services.

“Deploying to BNB Chain could help Uniswap to tap into the growing popularity of DeFi (decentralized finance) in the Binance ecosystem,” developers wrote in that proposal. “BNB Chain offers unique features such as staking and cross-chain support that could enhance Uniswap v3’s functionality.”

Among several other benefits, Plasma added a move to BNB Chain could attract at least $1 billion in additional liquidity from the BNB Chain ecosystem as well as “1-2 million new users.”

Plasma is expected to float a final proposal outlining the move in the coming weeks.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.