DeFi Platform 0xPlasma Labs Proposes Launch of Uniswap on BNB Chain

As the decentralized exchange (DEX), Uniswap, continues to grow, a community member has now proposed for the leading DEX to deploy its services on another blockchain.

Over the weekend, Ilia Maksimenka, the CEO of the decentralized platform 0xPlasma labs, released a proposal to deploy Uniswap v3 on BNB Chain, the blockchain housing the world’s fourth largest cryptocurrency, Binance Coin (BNB). 

Why BNB Chain?

The 0xPlasma CEO shared several points to back his proposal. Here are some of these points:

Binance, the public company behind the BNB Chain, has a record of rescuing and supporting the growth of crypto projects. For this reason, Maksimenka believes that Binance will welcome Uniswap into its DeFi ecosystem.

A few weeks ago, Uniswap began offering the trading of non-fungible tokens (NFTs). The platform accomplished this by serving as an NFT aggregator. The 0xPlasma boss added in his proposal that the deployment of Uniswap on the BNB Chain will bring “more adoption for Uniswap NFT Platform (as BNB chain has a weak infra for NFTs).”

Uniswap v3 has $2.57 billion in its total value locked (TVL), as revealed on the analytics platform DeFiLlama. Ilia believes that if Uniswap v3 gets deployed on BNB Chain, it will see an added $1 billion in TVL.

Ilia further compared Uniswap v3 with the leading DEX on the BNB Chain – PancakeSwap. Powered by its governance token, CAKE, PancakeSwap holds a total value locked (TVL) of $2.87 billion, where the majority of the fund lies in the BNB Chain. 

At the time of writing, Uniswap has been integrated into five different blockchain networks – Ethereum, Polygon, Celo, Arbitrum, and Optimism.

Proposed Benefits of Deployment

After outlining why he believes BNB Chain will benefit Uniswap, Maksimenka then stated the benefits that could sprout up if the proposal is embraced by the community.

He believes the deployment will enable the decentralized exchange to see a higher user base. He expects Uniswap will see an additional one to two million users join the platform. As reported by Forbes, Uniswap currently has a total number of users of 4.5 million.

He added that the deployment would give Uniswap “huge respect and appreciation” from DeFi developers.

The proposal was published in the community roughly 24 hours ago. However, the 0xPlasma CEO has yet to see significant responses or follow-ups.