Uniswap, the decentralized exchange (DEX) that operates on the Ethereum blockchain, has received the green light to deploy version 3 (v3) of its platform on the Boba Network.
This decision was the result of a favorable community vote, and was backed by FranklinDAO and ConsenSys.
Boba Network is a separate blockchain that runs on top of Ethereum and offers faster and cheaper user transactions.
Uniswap, like other DEXs, operates through smart contracts, eliminating the need for third-party intermediaries to offer financial services, such as lending and borrowing.
As part of the agreement, the Boba Foundation has received an additional use grant for the Uniswap V3 Core software code, which includes a license to deploy the Uniswap Protocol v3 on the Boba Network L2 on the Ethereum blockchain.
With this move, Uniswap can expand its community to include the users within Boba’s multichain ecosystem, potentially increasing its total value locked and transaction volume.
To further support the adoption of Uniswap v3 on the Boba Network, the Boba Foundation has committed $1 million worth of BOBA tokens.
These tokens will be sent to a multisig wallet co-owned by the Uniswap Grants Program and the Boba Foundation, and will be distributed to promising Boba-based projects to boost the adoption of Uniswap V3.
The deployment of Uniswap v3 on the Boba Network is expected to attract more Asia-based traders, as Boba claims to have a strong presence in the region.
With its strong commitment to the project and its potential to increase Uniswap’s reach, this move is poised to bring new growth and opportunities to both platforms.
