Uniswap Community Votes To Deploy On Boba Network

On Feb 6, 2023

Exciting news from the Boba Foundation and the Boba Network community! The leading decentralized exchange, Uniswap v3, will soon be deployed on the Boba Network L2 on Ethereum. In a recent governance vote, 51.01 million of the 40 million needed voted in favor of the proposal submitted by Boba Foundation and FranklinDAO. Influential organizations that supported this move include FranklinDAO, GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.

What is Boba Network?

Boba Network is a multichain layer-2 scaling solution that leverages rollup technology to facilitate seamless blockchain communication. With its full compatibility with EVM-based tools, Boba Network already supports multiple chains. These include Avalanche, BNB, Moonbeam, and Fantom, offering lightning-fast transactions and fees up to 100 times lower than the respective layer-1. What sets Boba Network apart is its Hybrid Compute technology, which brings the power of Web2 to the blockchain and enables smart contracts to access off-chain compute and real-world data for enhanced decentralized application experiences.

Boba Network is the brainchild of Enya Labs, a company founded by a team of Stanford faculty and alumni with expertise in distributed systems engineering and application development. Their goal is to promote the interoperability between web2 and web3 and the widespread adoption of blockchain technology for a more transparent and connected world.

Uniswap + Boba

With Uniswap’s deployment on Boba Network, its community will now include users within the Boba multichain ecosystem. This resulted in in an increase in both its total value locked and transaction volume. The liquidity boost, combined with faster transactions and lower fees, will lead to new trading strategies and growth opportunities for Uniswap. Uniswap is already the largest DEX operating on the Ethereum blockchain with over $2.36 billion in assets. The deployment also presents Uniswap with the opportunity to expand its presence in key Asian markets, where Boba Network is already popular among South Korean users and has recently expanded into Japan.

To support the adoption of Uniswap v3 on Boba Network, the Boba Foundation has committed to providing $1 million in BOBA tokens. A multisig wallet co-owned by the Uniswap Grants Program and the Boba Foundation will distribute the tokens to projects that promise to boost the adoption of Uniswap v3 on Boba.

Overall, the deployment of Uniswap v3 on Boba is a major milestone for the decentralized exchange. It will offer new growth opportunities and expanding its reach to the users within the Boba multichain ecosystem. The Boba Foundation’s commitment to fostering the adoption of Uniswap v3 on Boba Network with its $1 million BOBA token allocation will provide the necessary support to make it a success. Stay tuned for updates on this exciting development.