- Uniswap DAO has approved the deployment of Uniswap v3 on Boba Network.
- The approval follows a favourable community vote.
- The deployment will increase the total value locked and transaction volume on Uniswap.
Version 3 (v3) of Uniswap will be deployed on Boba Network (BOBA/USD) in the coming weeks following the recent approval by the Uniswap DAO. The DAO community conducted a vote on the proposal, which was backed by ConsenSys and FranklinDAO, and a majority voted for the deployment.
Following the deployment, Uniswap will have the opportunity to expand its community by including users from the Boba Network ecosystem which will significantly increase the decentralized exchange’s total value locked and transaction volume. As of press time, Boba Network had a total value locked (TVL) of $4,589,305.
The deployment will also bolster Uniswap’s presence in key Asian markets where Boba enjoys strong adoption.
The news comes roughly two weeks after the Uniswap community voted for Uniswap to be deployed on BNB Chain.
Uniswap ecosystem expansion
The deployment is an interesting development since Boba Network is built on Ethereum and it allows users to enjoy cheaper and faster transactions and decentralized exchanges (DEXs) like Uniswap use smart contracts rather than third parties to provide their customers with financial services like borrowing and lending.
According to the proposal:
“The Boba Foundation is granted an additional use grant to use the Uniswap V3 Core software code. As part of this additional use grant, the Boba Foundation receives a license to use the Uniswap Code to fully deploy the Uniswap Protocol v3 onto the Boba Network L2 on the Ethereum blockchain.”
Boba Network also told a popular media outlet that it had committed about $1 million worth of BOBA tokens to boost the adoption of Uniswap v3 on Boba. The tokens will be forwarded to a multi-sig wallet co-owned by Boba Foundation and Uniswap Grant Program. They will then be distributed to promising Boba-based projects.