• Uniswap V3 will deploy on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community.
• The proposal was submitted by the Boba Foundation and FranklinDAO with backers including GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.
• 51.01 million answered YES out of the 40 million needed to pass it and Boba Network’s Hybrid Compute will make it possible for developers to build DeFi applications atop of Uniswap.
Uniswap Deploying on Boba Network
The leading decentralized exchange (DEX), Uniswap v3, will be deploying on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community. The proposal was submitted by the Boba Foundation and FranklinDAO backed by GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys. 51.01 million answered YES out of the 40 million needed to pass it resulting in its deployment in the coming weeks.
Boba Network Overview
Boba Network is a layer 2 scaling solution powered by Hybrid Compute technology which supports lightning-fast transactions with fees 40-100 times less than Ethereum mainnet or other layer 1 networks. It has already deployed multichain support for Avalanche, BNB, Moonbeam, and Fantom as well as upcoming plans for more chains such as Cosmos SDK and Polkadot Substrate-based blockchains.
Benefits of Deployment
Alan Chiu, Boba’s core contributor said that “Boba Network’s Hybrid Compute will make it possible for ecosystem developers to build a new generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap” while maintaining its permissionless nature enabling developers to create compliant layers with advanced features like privacy protection through its zero-knowledge proof technology ZKP+.
Ecosystem Expansion
The deployment of Uniswap v3 onto Bobba network is expected to expand its ecosystem into different categories allowing users to use their existing assets across different blockchains safely without compromising security or performance issues associated with cross-chain transfers due to its trustless infrastructure offered by Atomic Swap Technology (AST) making it an ideal platform for decentralized exchanges (DEX).
Conclusion
The successful governance vote marks another milestone in decentralized finance (DeFi) bringing together two protocols into one creating opportunities for further development within both platforms benefiting users who want access to DeFi projects offering faster transactions speeds with lower fees than what is currently available on the Ethereum mainnet or other Layer 1 networks.