Uniswap DEX, the world's largest decentralized exchange protocol in terms of trading volume, has officially launched on BNB Chain, an EVM-compatible smart contract blockchain initially founded by cryptocurrency exchange Binance. This change came after a successful proposal in February to deploy at BNB Chain and contentious governance discussions to decide on an intermediate solution for deployment.
With the expansion, Uniswap Protocol users will be able to take advantage of BNB Chain's low transaction fees compared to Ethereum to trade and exchange tokens on the network.
0x Plasma Labs' governance proposal in February to deploy Uniswap v3 on BNB Chain passed with over 55 million UNI token holders voting in favor. 0x Plasma Labs claimed at the time that the Uniswap could try to capture as much as 50% of PancakeSwap's market share. PancakeSwap is BNB Chain's premier decentralized exchange, with $2,5 billion in total blocked volume.
With the deployment of Uniswap on BNB Chain, it can capture a larger share of the decentralized exchange market and marks a significant step towards increasing accessibility and liquidity for its users.
Alvin Kan, director of growth for BNB Chain, said: “With BNB Chain's thriving and dedicated community, scalability and affordability, it is a launchpad for all things web3, where protocols looking to reach larger audiences can grow. We are delighted to see Uniswap's continued commitment to delivering value to its users and building the future of decentralization.”
Wormhole was chosen as the designated protocol bridge for BNB Chain in a contentious governance vote, helping users transfer assets from the Ethereum mainnet to BNB Chain. The poll pitted two of the most active venture firms in the space, Andreessen Horowitz and Jump Crypto, against each other. Venture firm A16z put its sizable UNI holdings to use by voting against the proposal to pick Wormhole.
