Crypto: Uniswap Coming to Binance BNB Chain

Key crypto news today: the largest DEX around, Uniswapwill officially offer its services at Binance’s BNB chain, overcoming the controversy over the “bridge issue.” Full detail below.

As a reminder, Uniswap was born in 2018 on the Ethereum network, from the brilliant mind of Hayden Adams. Today it is the most widely used decentralized exchange (DEX) and enables the exchange of cryptocurrencies on the platform through an automatic called ‘Automatic Market Maker’ (AMM), a new type of token exchange that takes place within DEXs.

Uniswap offers its crypto services on Binance’s BNB chain

The world’s largest decentralized exchange by trading volume, Uniswap, has officially been released on the BNB chain, and will now be able to offer its services on the chain founded by the exchange Binance.

The move came about after a management proposal in February last year, and before it was realised, a big debate had to be overcome around “bridge” must be implemented.

The proposal was made due to Uniswap’s need to expand its reach and potentially drive further growth and adoption of DeFi.

With this opening to the BNB chain, users of the Uniswap protocol will be able to benefit from the low fees of the new ecosystem, which are much cheaper than Ethereum Network.

In fact, according to the announcement, expanding to the BNB chain brings several benefits, including user growth, lower fees, and access to new geographic markets.

Alvin KanBNB Chain’s development director said the following about the matter:

“With the community, scalability and ease of accessibility of the BNB chain, the operation could be a stepping stone to everything web3 for protocols that want to reach a wider audience to thrive.”

In fact, Uniswap is constantly striving to provide value to its users and build for the future of decentralization.

Uniswap on Binance’s BNB chain: bigger share in the DeFi market

In February, the governance proposal to implement Uniswap v3 on BNB Chain was approved by more than 55 million UNI token holders vote for.

At that time, Uniswap could have tried to grab up to 50% of the market share Pancake Swapthe leading DEX on BNB Chain with a Total Locked Value (TVL) of 2.5 billion dollars.

The implementation of Uniswap on BNB Chain also means taking a bigger share in the DeFi market, and marks a significant step towards improving accessibility for users.

Ultimately, Wormhole was chosen as the protocol’s designated bridge after a controversial governance vote that had pitted one party against the other and, more importantly, two of the most active venture capital firms in the debate, namely Andreessen Horowitz and Jump Crypto.

Indeed, VC firm A16z had leveraged its substantial UNI holdings by voting against the proposal to select Wormhole, questioning whether the protocol was truly decentralized.

Previously, Wormhole had been chosen as the protocol’s designated bridge for the BNB Chain after a temperature check vote. Temperature check is a process to determine whether there is sufficient desire to make changes to the status quo.

Uniswap and its recent troubles with Apple

Uniswap Labs recently announced plans to release one new personalized mobile wallet which will offer users the ability to switch over layer-1 or layer-2 networks without having to switch blockchains.

According to Uniswap Labs, the wallet will allow users to check price charts and search for any token on different networks, including Ethereum, Polygon, Arbitrum, and Optimism. To ensure maximum security, Uniswap Labs has partnered with Trail of Bits to audit the wallet.

In addition, the seeds and private keys of imported and newly created wallets will be encrypted and stored on the devices using apple‘s Secure Enclave, which is excluded from backing up devices.

Uniswap also reported that users will be able to manually save their seed phrases with a hard copy or encrypt and store them on iCloud.

But even though the first version was approved in October, Uniswap Labs had problems with Apple’s App Store regarding the mobile wallet.

Indeed, despite the approval of other self-storage wallets, the final construction of Uniswap’s mobile wallet was rejected by Apple just days before its planned launch in December 2022.

Uniswap Labs said it has responded to Apple’s objections, all the questions, and reiterated that it complies with the guidelines. However, Apple has yet to give the green light for launch, and Uniswap Labs is still in limbo.

As a result, it is offering early access to a few thousand Testflight users while they wait for Apple to approve the launch.