Uniswap users, particularly UNI holders, have preferred ditching Ethereum for rival smart contracting platform BNB Chain to deploy the V3 protocol in the latest voting. BNB Chain garnered 20 million votes to win the deployment temperature check.
Uniswap vote sways BNB chain’s side over Ethereum
The Uniswap community vote favors BNB Chain against the world’s largest open-source blockchain, Ethereum, for deploying the V3 protocol. The proposal was initially raised on Jan. 17 as a ‘temperature check’ on the Uniswap community, to which 80% of participants voted in favor of BNB Chain. The remaining 20% stood against BNB Chain, opting for Ethereum as the best network for the V3 protocol.
Advantages of the network crossover
Preference for BNB Chain among the Uniswap community was heavily influenced by the blockchain’s advantages over its rival counterpart Ethereum. Part of the reason for the deployment consists of the expiry of the v3 protocol’s contract with Ethereum.
Secondly, BNB Chain offers higher transaction speeds at a relatively cheaper cost than Ethereum, a feature that UNI token holders deemed handy for the V3 protocol. Additionally, BNB supports vital components such as staking and cross-chain transactions that could improve the user experience of the protocol in deployment.
The network crossover is expected to yield at least $1 billion in liquidity with an increase of 2 million new users. According to Uniswap’s official announcement and blog page, the transition is expected to last between 5 and 7 weeks. BNB Chain is also growing exponentially and increasing in popularity among DeFi devs.
BNB Chain has been recording immense progress since the year began. At the end of last year, the network registered more unique addresses than Ethereum. The BSC scanner recorded 233 million lectures, a 16 million difference from Ethereum, which had 217 million at the time the snapshot was taken.