The Boba Foundation on behalf of the Boba network community is happy to announce that the governance vote to deploy the top decentralized exchange (DEX) Uniswap v3 on the Boba Network L2 on Ethereum was successful. The Boba Network is the only multichain layer-2 blockchain scaling solution and the only smart contract platform that enables Web3-Web2 interoperability. A majority of the community—51.01 million out of the required 40 million—voted in favor of the proposal.
Reputable groups like FranklinDAO (formerly Penn Blockchain), GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys supported the proposition put out by the Boba Foundation and FranklinDAO. The result will lead to the deployment of Uniswap v3 to the Boba Ethereum Network in the next weeks. Only five chains are now part of Uniswap V3, and Boba Network will soon join them.
The goal of Boba Network, a multichain layer-2 scaling solution based on optimism, is to maximize the potential of rollup technology and allow more adaptable blockchain communication. The protocol supports lightning-fast transactions with fees that are somewhere between 40 and 100 times cheaper than the corresponding layer-1. It is completely interoperable with EVM-based tools and has already released multichain support for Avalanche, BNB, Moonbeam, and Fantom. With the help of better smart contracts that let developers make use of off-chain computation and real-world data to provide improved experiences for decentralized apps, Boba Network is driven by hybrid computing technology. This technology brings the power of Web2 on-chain.
Enya Labs is the primary contributor to Boba Network. Enya Labs is a pioneer of software frameworks with a focus on distributed systems engineering and application development. It was founded by a group of Stanford academics and alumni. By supporting the broad use of blockchain technology for a more open and connected world and enabling the interoperability between web2 and web3, the company helps customers and organizations.
“Boba Network’s Hybrid Compute will make it possible for ecosystem developers to build a new generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap,” said Alan Chiu, the co-founder & CEO of Enya Labs, Boba’s core contributor. “While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer atop of it that leverages Hybrid Compute to tap existing, TradFi-friendly KYC/AML services. As a result, Uniswap will become more accessible to the larger institutional market.”
With approximately $2.36 billion in assets under the dapp’s smart contracts, Uniswap is the biggest DEX running on the Ethereum blockchain and enabling users to exchange cryptocurrency without a middleman. It is well known for being the pioneer of the Automated Market Maker approach, a decentralized alternative to the central order book in which users contribute EVM-based tokens to liquidity pools run by Uniswap, and algorithms determine market pricing based on supply and demand. For allowing peer-to-peer trading, traders may get benefits by contributing tokens to Uniswap’s liquidity pools. Anyone may use Uniswap to trade cryptocurrencies, develop and list their own digital assets, and supply tokens to its liquidity pools. Hundreds of trading pairings are available on its platform, including those for well-known assets like ETH, USDC, and wrapped bitcoin (WBTC).
By being implemented on Boba Network, Uniswap will have the chance to broaden its user base to include those who are a part of the multichain ecosystem of Boba, considerably boosting both the total value locked and the number of transactions. As a consequence of the increased liquidity, quicker transactions, cheaper transaction costs, and the emergence of a new trading environment that makes use of Boba’s Hybrid Compute capabilities, Uniswap will see fresh growth, solidifying its position as the leading DEX.
Given that Boba has lately expanded outside of South Korea to include customers in Japan and other Asian nations, the deployment gives Uniswap the chance to strengthen its position in these important regions. Due to its reputation as a reliable and high-end DEX that makes token transfers easy, Uniswap will also help improve the gaming infrastructure on the Boba Network.
The Boba Foundation has promised to provide $1 million in BOBA tokens to encourage the adoption of Uniswap v3 on the Boba Network in order to make sure that Uniswap can profit from these advantages. The Uniswap Grants Program and the Boba Foundation will share ownership of a multisig wallet in which these tokens will be transferred. From there, the monies will be distributed to promising ecosystem initiatives intended to increase the uptake of Uniswap V3 on the Boba Network. Any initiative with the potential to increase adoption is eligible to apply for a grant, although the funding is particularly meant to encourage liquidity on Uniswap v3 on Boba Network.