Uniswap Appoints Wormhole As Designated Bridge To BNB Chain After Winning Community Vote
Decentralized exchange platform Uniswap, announced the result of its recent vote to determine the designated bridge to deploy its Version 3 platform on the Binance Chain.
The winner of this community voting process, with a substantial margin, is Wormhole.
Wormhole Carries Majority Of Votes
Uniswap is set to deploy its version 3 platform on Binance Chain before its business source license expires this year.
The platform aims to sustain its spot as the leading decentralized exchange by subsequently updating its infrastructure and collaborating with other blockchain networks.
In this vein, Uniswap sought out a bridge to Binance Chain, a reputable blockchain network, to expand its reach and provide more opportunities for its users.
To determine this bridge, Uniswap conducted a voting process among its community members, allowing them to choose between various potential candidates.
The requirements for these candidates included their technical capabilities, security measures, and user experience.
After a month-long voting period, the outcome placed Wormhole with the majority of the votes, and LayerZero coming in second place.
Blockchain infrastructure provider Wormhole, received applause for its swift and secure transaction processing capabilities.
Its integration with Uniswap will enable users to transfer their assets between blockchains bypassing centralized exchanges.
This will introduce users to a variety of assets and trading pairs, improving user experience.
LayerZero, which came in second place, has recently been criticized for under-publicized security risks.
Despite this, the platform received a significant number of votes, indicating that it still has a strong user base and followership.
However, Uniswap opted for Wormhole after considering LayerZero’s security concerns.
Big Development on Uniswap
The deployment of Uniswap on Binance Chain is a significant milestone for the platform.
Binance Chain holds its reputation for its speed, low fees, and strong security measures.
This will enable Uniswap to provide a more efficient and secure trading experience for its users.
This integration also provides users access to Binance’s ecosystem of decentralized applications.
Uniswap’s decision to integrate with Binance Chain has been welcomed by the cryptocurrency community.
The integration will provide users with more options for trading and asset management, and also expand the reach of Uniswap.
This move is expected to drive further growth for the platform and increase its user base.
The integration with Wormhole will provide users with a more efficient, secure, and accessible trading experience.
Despite the bear market and market crisis, there are still records of growth-fostering developments taking place in the crypto space to keep the industry moving and forging ahead.
The deployment of Uniswap on Binance Chain will advance the firm’s reach to other networks and provide users with access to a wider range of digital assets and decentralized applications.
The cryptocurrency community is anticipating the launch of Uniswap version 3 on Binance Chain, and this will positively impact the platform.
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