Decentralized exchange Uniswap said Wednesday it has expanded to BNB Chain, one of the world's most active blockchains by daily volume.
“With BNB Chain’s thriving and dedicated community, scalability, and accessibility, it is a launchpad for all things Web3," Alvin Kan, director of Growth at BNB Chain, said in a statement to CoinDesk. "Protocols looking to reach larger audiences can grow."
In February, a controversial governance proposal by 0x Plasma Labs to deploy Uniswap version 3 (v3) on BNB Chain passed with more than 55 million UNI token holders voting in favor. Prior to this, the multichain bridge Wormhole was chosen as Uniswap's designated bridge to BNB Chain in a preliminary vote.
The proposed expansion to BNB Chain offers several significant advantages, including user growth, lower fees and the ability to tap into new geographical markets. The move also has the potential to provide users with more efficient and cost-effective trading options. This ultimately improves the value proposition for BNB Chain and prominent ecosystem tokens, such as BNB Coin.
The expansion means that Uniswap Protocol users will be able to leverage BNB Chain’s high-speed and low transaction fees to trade and swap tokens across the network.
The integration also allows Uniswap to tap into a new pool of liquidity with BNB Chain’s large decentralized finance developer community, and increase awareness and adoption amongst retail and institutional investors, with a potential of 1 million to 2 million new users and Protocol stakeholders.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.