With the deployment, the DEX will get access to the substantial user base of BNB Chain.
Community members have accepted the implementation of Uniswap v3 on the BNB Chain, with Wormhole acting as the cross-chain bridge for the latest version of the platform, despite criticism from its major backer Andreessen Horowitz (a16z).
Together, these addresses cast 84.8 million votes, of which 65.89% were in favor of the plan, 33.57% were against it, and just 0.53% were undecided.
A16z and Jesse Walden were the two most visible opponents of the proposed deployment, using a combined total of 23 million UNI tokens to do so. They wanted to prevent the implementation of Uniswap v3 on Binance’s BNB Chain.
A16z, the major investor in Uniswap, was the chief opponent of using Wormhole as the cross-chain bridge. LayerZero, a16z’s portfolio business, was pushed to serve as the cross-chain bridge. However, LayerZero was not selected by the Uniswap community to serve as the Ethereum-to-BNB bridge service.
The $326 million Wormhole platform attack last year was highlighted by Porter Smith, a partner at a16z Crypto, as the key justification for the company’s resistance to Wormhole being utilized as the cross-chain bridge.
Uniswap wants to maintain its status as the top DEX.
Given permission to launch its V3 on BNB Chain, Uniswap will take use of the network’s substantial user base. Because of its sizable user base, BNB Chain is well known, and the implementation of Uniswap V3 on its platform may attract more users to the Uniswap platform.
According to statistics from Dune Analytics, Uniswap now holds the greatest market share in the decentralized exchange (DEX) vertical of the cryptocurrency industry as of this writing.
The DEX’s market share is anticipated to grow as a result of the deployment on BNB Chain and exploitation of the network’s security and substantial user base.
The total value of assets locked (TVL) in the Uniswap V3 smart contract was $2.82 billion, according to DefiLlama. V3 is the most functioning and has the greatest TVL of the three deployments made by Uniswap.
Deploying on BNB Chain will increase the DEX’s asset deposits, which will cause its TVL to grow over the course of the year.