• Uniswap v3 will be deploying on Ethereum’s layer 2 protocol Boba Network following a successful governance vote.
• The proposal was submitted by the Boba Foundation and FranklinDAO with 51.01 million voting YES out of the 40 million needed to pass it.
• Boba Network supports lightning-fast transactions and fees 40-100 times less than the Ethereum mainnet and other layer 1 networks.
Uniswap to Deploy on Boba Network
Leading decentralized exchange (DEX) Uniswap v3 will be deploying on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community. The proposal was earlier submitted by the Boba Foundation and FranklinDAO with backers including GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys. Out of the 40 million votes needed to pass the proposal, 51.01 million answered YES resulting in Uniswap v3’s deployment to Boba in the coming weeks.
Boba Network
Boba Network is a layer 2 scaling solution powered by Hybrid Compute technology that supports lightning-fast transactions and fees 40-100 times less than the Ethereum mainnet and other layer 1 networks. It has already deployed multichain support for Avalanche, BNB, Moonbeam, and Fantom. According to Alan Chiu, core contributor at Boba: “Boba Network’s Hybrid Compute will make it possible for ecosystem developers to build a new generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap.”
Advantages of Layer 2 Protocols
Layer 2 protocols offer an efficient scaling solution as they enable users to carry out transactions off-chain without compromising security or decentralization of data stored on Ethereum’s mainnet . This reduces transaction costs significantly while solving issues like high latency or congestion in network traffic which often affect user experience on layer 1 protocols like Ethereum’s mainnet .
Benefits from Uniswap V3 Deployment
Deploying onto Bob