Total value locked in Ethereum-based Decentralized exchange - Blockchain.News

Total value locked in Ethereum-based Decentralized exchange

After community approval, Boba Network will instal Uniswap v3 as the sixth chain.

  • Feb 08, 2023 10:28
Total value locked in Ethereum-based Decentralized exchange

The Uniswap community cast their votes in support of implementing Uniswap v3 on Boba Network's layer-2 protocol on Ethereum, and the majority of those votes were positive.

The proposal to implement Uniswap v3 on Boba Network that was put up by Boba Foundation and FranklinDAO was successful since it received more than 51 million votes. As a result of this, the Boba Network will become the sixth chain to instal Uniswap v3, with the deployment itself being slated to begin within the next few weeks. This action received support from a number of organisations, including GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.

According to Alan Chiu, co-founder and CEO of Enya Labs, which is a core contributor to Boba Network, this move will enable developers within the ecosystem to create a new generation of on- and off-chain decentralised finance (DeFi) applications on top of Uniswap. Chiu stated this information in an interview with Boba Network. Chiu provided an explanation, saying, "While the Uniswap protocol will remain permissionless, developers will be able to create a compliance layer over it that utilises Hybrid Compute to access current TradFi-friendly KYC/AML services."

Chiu pointed out that as a direct consequence of this, the decentralised exchange will become more accessible to the whole institutional market. Additionally, the team at Boba Network believes that this presents an opportunity for Uniswap to expand into the key Asian markets. This is due to the fact that Boba Network has gained a lot of traction in South Korea and is slowly expanding to Japan. Uniswap is currently in the process of expanding into Japan.

In related news, a research from DappRadar uncovered the fact that DeFi is off to a strong start in 2023. According to information obtained from the statistics site, DeFi protocols had a considerable increase in their total value frozen in the month of January.

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