Uniswap V3 may be on its way to this L1 blockchain
- Uniswap was the numero uno DEX with a 24-hour volume of $984.47 million.
- It was the biggest contributor to ETH’s fiery activity in April.
The world’s largest decentralized exchange (DEX) Uniswap [UNI] considered a proposal to launch the third iteration of the protocol on the layer-1 proof-of-stake network, Fantom [FTM]in an effort to adapt and extend its reach to other blockchain ecosystems.
The proposal was under a “temperature check” governance vote, which was scheduled to end on May 31.
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The proposal was put forward by [email protected], a Columbia University distributed ledger technology organization, in conjunction with Fantom and Axelar, a cross-chain communication platform.
Supporters stated that since the expiration of Uniswap V3’s Business Source License (BSL) on April 1, it has become easier for other players in the DeFi landscape to use V3 designs to gain market share on other blockchains such as Fantom.
Therefore, to stay ahead of the curve, it was imperative for Uniswap to establish its presence on Fantom quickly.
Moreover, the effectiveness of Fantom as a fast, affordable solution was also cited as another main reason behind the expansion.
The proposal added that if the distribution goes through, Uniswap will get 30% of the current DEX volume on Fantom. At the time of writing, Fantom was the sixth largest chain in terms of DEX volume with trades worth $46.68 million settled in the last 24 hours, according to DeFiLlama.
Several proposals to expand Uniswap beyond Ethereum [ETH] has appeared in 2023. After being distributed on the BNB chain, a go-ahead for Polygon [MATIC] zkEVM-V3 integration was recently provided in April.
Uniswap remains DeFI’s crown jewel
Uniswap was the numero uno DEX in the Web3 space with a 24-hour volume of $984.47 million, more than half of the total volume of the second-ranked DEX, PancakeSwap [CAKE].
Despite its dominance, volume on the DeFi behemoth has steadily declined since hitting record highs in March.
Crypto data aggregator CoinGecko revealed that Uniswap was the largest contributor to ETH’s burning activity in April, having burned a total of 21,479.9 ether in April 2023. The increase in ETH burned was driven by an increasing number of transactions involving memecoins.
1/ Which protocol burned the most $ETH? 🔥
From April 2023, @Uniswap remained the largest protocol that burned the most $ETHafter burning a total of 29,333.8 ether.
Read the full study: pic.twitter.com/mcs7yYZPaJ
— CoinGecko (@coingecko) 24 May 2023
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However, the governing symbol UNI did not react with enthusiasm to the new proposal. At press time, it was valued at $4.95, down 0.52% in the 24-hour period, per CoinMarketCap.