Palo Alto, California, February 6, 2023 The Boba Foundation, on behalf of the community around Boba Network, the only multichain layer-2 blockchain scaling solution and the only smart contract platform that enables Web3-Web2 interoperability, is excited to announce the successful governance vote to deploy the leading decentralized exchange (DEX) Uniswap v3 on the Boba Network L2 on Ethereum. The community overwhelmingly voted in favor of the move, with 51.01 million voting yes of the 40 million needed.
The proposal submitted by Boba Foundation and FranklinDAO was backed by noteworthy organizations such as FranklinDAO (previously Penn Blockchain), GFX Labs, Blockchain at Michigan, Gauntlet and ConsenSys. The outcome will result in Uniswap v3’s deployment to the Boba Ethereum Network in the coming weeks. Uniswap V3 is only five chains, with Boba Network set to become the sixth.
Boba Network is an optimistic-based multichain layer-2 scaling solution that aims to unlock the potential of rollup technology and enable more flexible blockchain communication. The protocol is fully compatible with EVM-based tools and has already deployed multichain support for Avalanche, BNB, Moonbeam and Fantom, supporting lightning-fast transactions and fees anywhere from 40-100X less than the respective layer-1. Boba Network is powered by Hybrid Compute technology that brings the power of Web2 on-chain, with smarter smart contracts that allow developers to leverage off-chain compute and real-world data to deliver enriched experiences for decentralized applications.
The core contributor to Boba Network is Enya Labs. Founded by a team of Stanford faculty and alumni, Enya Labs is an innovator of software frameworks specializing in distributed systems engineering and application development. The Company serves clients and organizations by facilitating the interoperability between web2 and web3 and promoting the widespread adoption of blockchain technology for a more transparent and connected world.
“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,” said Alan Chiu, the co-founder & CEO of Enya Labs, Boba’s core contributor. “While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer atop of it that leverages Hybrid Compute to tap existing, TradFi-friendly KYC/AML services. As a result, Uniswap will become more accessible to the larger institutional market.”
Uniswap is the largest DEX operating on the Ethereum blockchain with over $2.36 billion in value of assets in the dapp's smart contracts, allowing users anywhere in the world to trade crypto without an intermediary. It famously pioneered the Automated Market Maker model, an alternative to the central order book, where users supply EVM-based tokens to Uniswap liquidity pools and algorithms set market prices based on supply and demand. By supplying tokens to Uniswap’s liquidity pools, traders can earn rewards for enabling peer-to-peer trading. With Uniswap, anyone is able to supply tokens to its liquidity pools, trade cryptocurrencies, and create and list their own digital assets. Its platform offers hundreds of trading pairs, including popular assets like ETH, USDC and Wrapped Bitcoin (WBTC).
With its deployment on Boba Network, Uniswap has the opportunity to expand its community to include the users within Boba’s multichain ecosystem, significantly increasing both its total value locked and its transaction volume. The resulting liquidity boost, combined with faster transactions and lower fees will lead to the development of new trading strategies and a growing ecosystem that takes advantage of Boba’s Hybrid Compute capabilities, driving new growth for Uniswap and cementing its status as the number one DEX.
The deployment presents Uniswap with the opportunity to bolster its presence in key Asian markets, with Boba already enjoying strong adoption among South Korean users recently expanding into Japan and other countries in the region. Uniswap will also enhance the gaming infrastructure on Boba Network being a trusted and premium DEX to facilitate token transfers.
To ensure that Uniswap can reap these benefits, the Boba Foundation has committed to providing $1 million BOBA tokens to foster the adoption of Uniswap v3 on the Boba Network. These tokens will be sent to a multisig wallet that’s co-owned by the Uniswap Grants Program and the Boba Foundation, which will distribute the funds to promising ecosystem projects aiming to boost the adoption of Uniswap V3 on Boba Network. The funding is primarily intended to incentivize liquidity on Uniswap v3 on Boba Network, but any project that promises to boost adoption can apply for a grant.
About Boba Network
Boba Network is an optimistic-based multichain layer-2 scaling solution that aims to unlock the potential of rollup technology and enable more flexible blockchain communication. The protocol is fully compatible with EVM-based tools and has already deployed multichain support for Avalanche, BNB, Moonbeam and Fantom, supporting lightning-fast transactions and fees anywhere from 40-100X less than the respective layer-1. Boba Network is powered by Hybrid Compute technology that brings the power of Web2 on-chain, with smarter smart contracts that allow developers to leverage off-chain compute and real-world data to deliver enriched experiences for decentralized applications.
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2023-02-06 15:27:31
