Uniswap, one of the leading decentralized finance (DeFi) protocols, announced on 17 March that it would be deploying on Avalanche and adding support for AVAX.
The deployment of Uniswap could have a significant impact on Avalanche in terms of transaction volume and Total Value Locked (TVL).
According to some community members, the catalyst for the proposal to deploy Uniswap V3 on Avalanche was the expiration of the Business Source License (BSL) on 1 April, which will allow developers to fork the Uniswap V3.
Voting on the proposal ended on 17 March, with 91.26% of the 26 million votes cast in favor of the proposition. This means that Uniswap, which already supports over 200 protocols, will now be incorporated into the Avalanche system.
With Uniswap potentially overtaking Trader Joe’s as the most popular protocol on Avalanche in terms of TVL, its transaction volume, and TVL might rise, which could have an effect on AVAX.
Avalanche has around 281 protocols listed on it, with more than 5% of its TVL generated in the last 24 hours, bringing the total to almost $821 million.
Uniswap, on the other hand, has a greater TVL, with its V3 alone boasting over $2 billion. It is also deployed on several chains, including Polygon, Arbitrum, and Optimism, in addition to the most recent deployment plans on Avalanche.