The Ethereum-based decentralized exchange (DEX) built on the Uniswap platform will be upgraded to its V3 version before being deployed on the Boba Network, according to the results of a vote taken by the community members of that platform.
The governance decision (1) to launch Uniswap V3 received overwhelming support, with 51.01 million votes polled, which is far more than the required 40 million votes.
The vote's outcome marks several possible landmarks in the developing environment of decentralized finance (DeFi). This demonstrates how desirable the Boba Network Layer-2 scaling protocol is for members of the Uniswap community and how strongly they desire diversity.
Because Boba Network is an Ethereum Virtual Machine (EVM) that is interoperable with other ERC-20 tokens, the integration will allow Uniswap to take advantage of further interoperability opportunities.
The protocol & FranklinDAO have come up with a suggestion to deploy Uniswap on the Boba Network, as was previously mentioned. The plan was supported by major stakeholders in the crypto currency sector, such as GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.
This list only includes some of the possible stakeholders. In the following weeks, the protocol will be incorporated into Boba Network as a direct result of the unanimous vote taken by users of the Uniswap community in favor of doing so.
The Boba Network is marketed as a multichain layer-2 scaling protocol that may increase the system throughput on its anchor network by as much as 40-100 times. This is accomplished through the use of a sharding technique. The protocol's capabilities to do hybrid computing add to the already impressive list of benefits the Boba Network offers.
Alan Chiu, co-founder and CEO of Enya Labs, one of Boba's core contributors, stated that "Boba Network's Hybrid Compute will enable it for environment devs to create a new generation of hybrid on-chain/off-chain DeFi apps astride of Uniswap."
"While the Uniswap protocol will continue to operate without authorization, developers will be able to construct a compliant layer. This layer will utilize Hybrid Compute to connect to preexisting KYC/AML services compatible with TradFi. Consequently, Uniswap has become more approachable to a broader range of institutional customers.
Uniswap V3 on Boba Network
As the year 2023 begins to take shape, several cryptographic protocols exert maximum effort to map out their expansion plans in collaboration with various functional partners.
Uniswap is one of the most popular decentralized exchange (DEX) platform built on Ethereum's blockchain. The total value of assets contained in Dapp's smart contracts may reach as high as $2.36 billion, enabling users to trade cryptocurrencies directly without the need for a third party.
Uniswap's abilities as a DEX system will be enhanced due to the incorporation of the Boba Network. This is because the exchange will be compatible with Avalanche, Fantom, Moonbeam, and BNB Chain, all of which have been implemented on Boba Network in the past.
The trading platform is also expected to benefit from this growth due to the recent progress that Boba Network has made in significant Asian markets such as Japan and South Korea.
As a result of Boba Network's provision of one million dollars worth of BOBA tokens for the early operations on Uniswap, the decentralized exchange system is expected to make a smooth transition to the Boba Network.