A significant majority of UNI token holders, approximately 80%, voted in favor of moving Uniswap’s V3 protocol to Binance’s BNB BNB/USD Chain, according to a recent survey.
Plasma Labs, the company that proposed the move, stated that 20 million tokens were cast in favor of the proposal.
This was the largest number of voters in Uniswap’s governance history.
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Uniswap, like other decentralized exchanges, utilizes smart contracts to match trades and provide liquidity between traders.
According to DeFiLlama, it currently locks up over $3.4 billion worth of various tokens across five blockchains, with V3 accounting for $2.6 billion of that total.
A move to Binance’s BNB Chain is a logical choice due to the growing user base on the Binance ecosystem and high transaction speeds, Plasma Labs argues.
Also, low fees make it a suitable platform for Uniswap’s decentralized exchange services.
The move could attract at least $1 billion in additional liquidity from the Binance ecosystem and also bring in another 2 million new users.
A final proposal outlining the move is expected to be presented in the coming weeks.
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This article has been originally published at: https://www.benzinga.com/markets/cryptocurrency/23/01/30526635/20m-uniswap-members-say-yes-to-binance-move-what-the-temperature-check-means?SNAPI