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Leading decentralized exchange (DEX) Uniswap v3 will be deploying on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community.
The proposal was earlier submitted by the Boba Foundation and FranklinDAO with backers including GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.
51.01M Voted Yes on the Proposal
In a press release shared with CryptoPotato, the community overwhelmingly voted in favor of the proposal, with 51.01 million answering YES out of the 40 million needed to pass it. The vote will result in Uniswap v3’s deployment to Boba in the coming weeks.
Boba Network is a layer 2 scaling solution powered by Hybrid Compute technology. The protocol claims it supports lightning-fast transactions and fees 40-100 times less than the Ethereum mainnet and other layer 1 networks. The platform has already deployed multichain support for Avalanche, BNB, Moonbeam, and Fantom.
Commenting on the development, Alan Chiu, Boba’s core contributor, said:
“Boba Network’s Hybrid Compute will make it possible for ecosystem developers to build a new generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap. While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer atop of it that leverages Hybrid Compute to tap existing, TradFi-friendly KYC/AML services. As a result, Uniswap will become more accessible to the larger institutional market.”
Enhancing Uniswap’s Presence in Asia
Uniswap is the largest DEX on the Ethereum blockchain, with over $2.5 billion in total value locked (TVL). Its deployment on Boba is expected to expand its user base to include participants within Boba’s multichain ecosystem, thereby significantly increasing both its TVL and transaction volume.
According to Boba, the deployment will allow Uniswap to enhance its presence in major Asian markets, with the project already seeing strong adoption among South Korean users and expanding into Japan and several other countries from the region.
Boba Foundation Pledges $1 Million
The layer 2 protocol noted that as part of the development, Uniswap will “enhance the gaming infrastructure on Boba Network being a trusted and premium DEX to facilitate token transfers.”
To foster the usage of Uniswap v3 on the Boba, the Boba Foundation has pledged to provide $1 million BOBA tokens, which will be sent to multisig wallets co-owned by the Uniswap Grants Program (UGP) and the foundation.
“The funding is primarily intended to incentivize liquidity on Uniswap v3 on Boba Network, but any project that promises to boost adoption can apply for a grant,” Boba said.