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Uniswap V3 might be making its way to this L1 blockchain

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Uniswap was the numero uno DEX with a 24-hour volume of $984.47 million.
It was the largest contributor to ETH’s burning activity in April.

World’s largest decentralized exchange (DEX) Uniswap [UNI] was considering a proposal to launch the third iteration of its protocol on the layer-1, proof-of-stake network, Fantom [FTM], in a bid to adapt and expand its reach to other blockchain ecosystems.

The proposal was undergoing a “temperature check” governance vote, which was scheduled to conclude on 31 May.

Read Uniswap’s [UNI] Price Prediction 2023-2024

Uniswap in expansion mode

The proposal was put forward by Blockchain@Columbia, a Columbia University’s organization for distributed ledger technology, in conjunction with Fantom and Axelar, a cross-chain communication platform.

The proponents stated that since the expiration of Uniswap V3’s Business Source License (BSL) on 1 April, it has become easier for other players in the DeFi landscape to utilize V3 design in order to capture market share on other blockchains like Fantom.

Hence, in order 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, low-cost solution, was also cited as another major reason behind the expansion.

The proposal added that if the deployment goes through, Uniswap stands to gain 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 getting settled in the last 24 hours, as per DeFiLlama.

Several proposals to expand Uniswap beyond
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Author: Suzuki Shillsalot

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