Community votes to deploy Uniswap v3 on Boba Network

Enya Labs co-founder Alan Chiu said that the move will allow developers to build on and off-chain DeFi applications on top of Uniswap.

Members of the Uniswap community voted in favor of deploying Uniswap v3 on Boba Network's layer-2 protocol on Ethereum. 

Gaining over 51 million votes, the proposal submitted by Boba Foundation and FranklinDAO to deploy Uniswap v3 in Boba Network passed. This means that the Boba Network will be the sixth chain to deploy Uniswap v3, with the deployment scheduled to proceed in the coming weeks. The move was backed by several entities such as GFX Labs, Blockchain at Michigan, Gauntlet and ConsenSys.

According to Alan Chiu, the co-founder and CEO of Enya Labs, a core contributor to Boba Network, the move will enable developers within the ecosystem to create a new generation of on and off-chain decentralized finance (DeFi) applications on top of Uniswap. Chiu explained that:

“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 of this, Chiu noted that the decentralized exchange will be more accessible to the broader institutional market. In addition, the Boba Network team also believes that this opens an opportunity for Uniswap to expand into the key Asian markets, highlighting that Boba Network gained a lot of traction in South Korea and is slowly expanding to Japan.

Related: Wormhole wins second ‘temp check’ to become bridge for Uniswap governance

Meanwhile, in a recent fireside chat, Aave founder Stani Kulechov spoke with Cointelegraph’s managing editor Alex Cohen to discuss DeFi adoption. According to Kulechov, more adoption of payments and stablecoins could lead to more growth in the DeFi space. The Aave founder highlighted that onboarding users in stablecoins put them in a position where DeFi can eventually be introduced.

In other news, a DappRadar report revealed that DeFi is off to a good start in 2023. Data from the statistics site highlighted that DeFi protocols saw significant growth in their total value locked in January.

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