Uniswap V3 to take on PancakeSwap in the DeFi space

Uniswap has announced that its proposal to deploy its V3 version

Source: Uniswap

Uniswap, a decentralized exchange platform, has announced that its proposal to deploy its V3 version on the Binance Smart Chain (BSC) has passed a “temperature check” vote with 80% in favor.

The proposal, which was first published on January 17th, highlighted the reasons for the proposed deployment on the Binance Smart Chain including the growing user base and high transaction speeds and low fees.

🦄 We’re excited to share that our @0xPlasma proposal to deploy @Uniswap v3 on @BNBCHAIN has passed the "Temperature Check" with 20M votes "YES" and 6,495 $UNI voters (the biggest number for the whole Uniswap Governance History).
Moving forward to the final "Governance Proposal" pic.twitter.com/HoIJgY8mX1
— 0xPlasma Labs: DeFi & NFT Metaverse 🦇 🔊 (@0xPlasma) January 22, 2023

This move could pose a significant threat to PancakeSwap’s dominance on the network as it currently holds a 49.39% share of the total value locked on the Binance Smart Chain.

Uniswap V3 was launched almost a year after PancakeSwap and has seen an increased level of adoption among decentralized finance (DeFi) users, becoming the most active smart contract on the Ethereum network last year.

TagsBlockchain DeFi

Mohammed Ali

Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.