Uniswap to give PancakeSwap a run for its money with V3 distribution… details inside

  • 80% of UNI token holders voted in favor of installing V3 on the BNB Chain.
  • Uniswap V3 has seen increased usage since its launch in 2021.

Uniswap’s [UNI] suggestions Float Build V3 on the BNB chain passed a “temperature check” on January 22, with 80% of the total vote in favor of the move.

The proposal, first published on January 17, outlines Uniswap’s plan to deploy V3 on the BNB chain. The proposal highlighted several reasons for the proposed implementation, including the fact that the growing user base of BNB Chain presented a potential new market for v3.

In addition, BNB Chain offered fast transaction speeds and low fees, making it a suitable platform for UNI decentralized exchange services.

Realistic or not, here’s Uniswap’s market cap in BTC terms

Dix battle

However, the intended implementation of v3 on the BNB chain could pose a significant threat to PancakeSwaps. [CAKE] network domination. PancakeSwap Total Value Locked [TVL] $2.54 billion on the BNB chain, representing a 49.39% share of the $5.01 billion TVL total held by the chain.

Source: Defillama

For context, Uniswap v3, which launched nearly a year after PancakeSwap was launched, was worth $2.71 billion at press time. It has been deployed on five blockchains over the same period, including Ethereum [ETH]ribbed [MATIC]Optimism and optimism [OP]And Silo [CELO].

As a result of the many improvements introduced by the V3 implementation, DEX has seen an increasing level of acceptance among many decentralized finance (DeFi) users.

Additionally, increased user activity since launch made Uniswap the most active smart contract on the Ethereum network last year, per token terminal. The amount of gas last year amounted to 204.24 million dollars, of which 15.54 million deals were completed.

Source: Token Terminal

Read Uniswap’s [UNI] Price forecast 2023-2024

in a post he published Uniswap Governance Forum In December 2022, GFX Labs said:

Uniswap v3 is very competitive with PancakeSwap.

Uniswap v3 proves itself

Uniswap v3 has already proven its ability to capture significant market share, as evidenced by its capturing a significant portion of Polygon DEX market share by volume. This is confirmed by data from Dune Analytics.

Source: Dune Analytics

Specifically, Uniswap v3 has captured 80% of the market share at the time of publication. In addition, Quickswap’s market share has fallen from 55% to less than 10% since Uniswap v3 debuted on Polygon in late 2021.

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