Only a week after making its debut on the BNB Chain, the decentralized exchange (DEX) Uniswap has attained a milestone of over $53 million in trading volume.
Uniswap Attains Over $53M in Trading Volume
According to a chart shared by the project on Twitter, the trading volume seen on the BNB Chain rose quickly to nearly $7 million a day after the integration. The data also shows that the highest trade volume attained by Uniswap occurred on March 22nd, when $12.19 million was traded that day.
Source: Uniswap
Uniswap Deploys on BNB Chain
The quest to add support for Uniswap V3 on the BNB Chain dates back to December 2022, when Ilia Maksimenka, the CEO of the decentralized finance (DeFi) platform 0xPlasma Labs, proposed the idea on the Uniswap governance platform.
The proposal contained several perks that can come to the Uniswap ecosystem if the deployment pulls through. One of them was that the project would likely see an increase in trading volume and total value locked (TVL).
The proposal was put into voting, and a month later, Uniswap was underway to be deployed on BNB Chain after 80% of the community members voted in support of the idea. The voting process was admittedly the largest governance voting session conducted on Uniswap.
On March 15th, the Ethereum giant DEX finally entered the BNB Chain ecosystem. The move was supported by 55 million UNI token holders, representing over 66% of voters. The Wormhole bridge was the designated platform to support the movement of assets across Uniswap and its newly-fused blockchain network.
By adding BNB Chain to its list, Uniswap now supports six blockchain networks. They are Ethereum, Arbitrum, Polygon, Celo, Optimism, and BNB Chain.
Meanwhile, it is worth noting that Uniswap’s entry into the BNB Chain can pose a threat to PancakeSwap, the network’s leading DEX. According to DeFiLlama data, PancakeSwap controls over $2.43 billion in TVL. With the speed of growth that Uniswap is attracting, it may begin to affect PancakeSwap’s metrics in the long run.
