Version 3 (v3) of the decentralized exchange Uniswap will soon be deployed on Boba Network following a favorable community vote.
Boba Network is a separate blockchain that works atop Ethereum and allows for cheaper and faster user transactions. Decentralized exchanges (DEX) like Uniswap rely on smart contracts instead of third parties to provide users with financial services, such as lending and borrowing.
The Uniswap community voted overwhelmingly in favor of the move. The proposal was backed by FranklinDAO and Ethereum development and investment lab ConsenSys.
"The Boba Foundation is granted an additional use grant to use the Uniswap v3 Core software code," the proposal stated. "As part of this additional use grant, the Boba Foundation receives license to use the Uniswap Code to fully deploy the Uniswap Protocol v3 onto the Boba Network [layer 2] on the Ethereum blockchain."
With its deployment on Boba Network, Uniswap has the opportunity to expand its community to include the users within Boba’s multichain ecosystem, significantly increasing both its total value locked and its transaction volume. As of Tuesday, Boba Network holds over $4.5 million in locked value.
Meanwhile, the Boba Foundation told CoinDesk that it had committed to $1 million worth of BOBA tokens to foster the adoption of Uniswap v3 on the Boba Network.
These tokens will be sent to a multisig wallet co-owned by the Uniswap Grants Program and the Boba Foundation, which will distribute the funds to promising Boba-based projects aiming to boost the adoption of Uniswap v3 on the Boba Network.
As such, the move is also expected to attract more Asia-based traders, where Boba claims to have a strong presence, to Uniswap.
“With its deployment on Boba Network, Uniswap has the opportunity to bolster its presence in key Asian markets, where Boba is already enjoying strong adoption,” Boba developers told CoinDesk.
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