By Zachary Stone
Uniswap, the largest decentralized exchange in the world has been released on BNB Chain network. this is the fullfilment of plans that have been underway to deploy the DEX on BNB since February.
BNB Chain is an EVM-compatible smart contract blockchain. It was founded by Binance, the biggest crypto exchange in the world. This is seen as a major step forward for Uniswap which has been exclusively on the Ethereum blockchain since it was founded in 2018.
Uniswap To Enjoy BNB Chain’s Low Fees
One of the main benefits Uniswap will derive from deploying on BNB Chain is the low transaction fees that the network is known for. The high transaction fees on Ethereum has been a hindrance to using the DEX in some quarters but there’s now an option. BNB Chain is also highly scalable, making the transactions fast as well.
Ethereum is notorious for high fees that sometimes exceed the amount in a transaction. BNB Chain on the other hand charges just a fraction of a dollar for transactions, making it a go-to platform for many crypto users. This explains why the proposal to expand to BNB Chain passed with more than 55 million UNI token holders voting in favor.
BNB Chain’s director of growth in a statement said “We are delighted to see Uniswap’s continued commitment to delivering value to its users and building for the future of decentralization.” 0x Plasma Labs says Uniswap could potentially take 50% of PancakeSwap, BNB Chain’s Leading DEX.
More Accessibility to Users
The move to bring Uniswap to BNB Chain is a major step towards making it grow, as more users will now be able to access it without worrying about exhorbitant fees. This means the DEX can also take a larger share of the DeFi market, something it could not achieve with Ethereum alone.
Users can now transfer their assets from Ethereum to BNB Chain using the WormHole bridge. Wormhole like most other bridges has been compromised in the past, causing users to lose millions in funds. Hopefully that won’t be the case this time as users move from Ethereum to BNB Chain.
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