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Important crypto news today: the largest DEX in existence, Uniswap, will officially offer its services on Binance’s BNB Chain, overcoming controversy over the “bridge issue.” Full details below.
As a reminder, Uniswap was born in 2018 on the Ethereum network, from the brilliant mind of Hayden Adams. Today, it is the most widely used decentralized exchange (DEX) and enables the exchange of cryptocurrencies on its platform through an automatism called ‘Automatic Market Maker’ (AMM), a new type of token exchange that takes place within DEXs.
Uniswap offers its crypto services on Binance’s BNB chain
World’s largest decentralized exchange by trading volume, Uniswap, has been officially released on the BNB Chain, and will now be able to offer its services on the chain founded by exchange Binance.
The move came about following a governance proposal last February, and, before it came to fruition, a major debate had to be overcome around the “bridge” to be implemented.
The proposal was made because of Uniswap’s need to expand its reach and potentially drive further growth and adoption of DeFi.
With this opening to the BNB chain, Uniswap protocol users will be able to take advantage of the low fees of the new ecosystem, which is much cheaper than the Ethereum network.
In fact, according to the announcement, expansion to the BNB Chain offers several benefits, including user growth, lower fees, and access to new geographic markets.
Alvin Kan, BNB Chain’s director of development, said the following on the matter:
“With the community, scalability, and simple accessibility of the BNB Chain, the operation can be a stepping stone to all things web3 for protocols looking to reach a wider audience to thrive.”
Indeed, Uniswap is constantly striving to provide value to its users and to build for the future of decentralization.
Uniswap on Binance’s BNB chain: more share in the DeFi market
In February, the governance proposal to implement Uniswap v3 on BNB Chain was approved with more than 55 million UNI token holders voting in favor.
At the time, Uniswap could have sought to capture up to 50% of the market share of PancakeSwap, the leading DEX on BNB Chain with a Total Locked Value (TVL) of $2.5 billion.
The implementation of Uniswap on BNB Chain also means capturing a larger share in the DeFi market, and marks a significant step toward improving accessibility for users.
Ultimately, Wormhole was chosen as the protocol’s designated bridge after a controversial governance vote that had pitted one party against the other and, more importantly, two of the venture capital firms most active in the debate, namely Andreessen Horowitz and Jump Crypto.
VC firm A16z had actually leveraged its considerable UNI holdings by voting against the proposal to choose Wormhole, questioning whether the protocol was truly decentralized.
Previously, Wormhole had been chosen as the Protocol’s designated bridge for BNB Chain following a vote for Temperature Check. Temperature Check is a process to determine if there is sufficient desire to make changes to the status quo.
Uniswap and its recent problems with Apple
Uniswap Labs recently announced plans to release a new self-customized mobile wallet that will offer users the ability to swap over layer-1 or layer-2 networks without having to change blockchains.
According to Uniswap Labs, the wallet will allow users to check price charts and search for any token on various networks, including Ethereum, Polygon, Arbitrum, and Optimism. To ensure maximum security, Uniswap Labs has partnered with Trail of Bits to audit the wallet.
In addition, the seed phrases and private keys of imported and newly created wallets will be encrypted and stored on the devices using Apple‘s Secure Enclave, which is excluded from device backups.
Uniswap also reported that users will be able to manually store their seed phrases with a hard copy or encrypt and store them on iCloud.
However, even though the first version was approved in October, Uniswap Labs had problems with Apple’s App Store regarding its mobile wallet.
In fact, despite the approval of other self custody swapping wallets, the final build of Uniswap’s mobile wallet was rejected by Apple just days before its planned December 2022 launch.
Uniswap Labs said it has responded to Apple’s objections, all of its questions, and reiterated that it complies with its guidelines. However, Apple has not yet given the green light to launch and Uniswap Labs remains in limbo.
As a result, it is offering early access to a few thousand Testflight users while waiting for Apple to approve the launch.