Uniswap Version 3 Goes Live On BNB Chain; Is UNI Token’s Price Poised To Rally?

Uniswap, the world’s largest decentralized exchange protocol measured by trading volume, has officially debuted on BNB Chain. This decision was made following a controversial round of governance talks in February to decide on a bridge solution for the deployment, which later got successfully approved by the majority of governing members of the protocol.

Uniswap Embarks On BNB Chain

According to the official announcement, the move to BNB Chain is expected to enhance the Uniswap Protocol’s ability to serve all users within the growing DeFi space and signals a step towards boosting easier accessibility and provision of liquidity for its users. Following this deployment, users of the Uniswap Protocol will now be able to trade and swap tokens across the network harnessing BNB Chain’s low transaction fees, in comparison with Ethereum’s fees.

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While speaking about the new development, Alvin Kan, the director of growth at BNB Chain was quoted as saying:

We are delighted to see Uniswap’s continued commitment to delivering value to its users and building for the future of decentralization.

Unsiwap’s Growing Ecosystem

With BNB Chain’s sizable developer community specializing in the DeFi space, the new relationship also enables Uniswap to access a new source of liquidity while raising awareness and adoption among both institutional & retail investors — thereby possibly adding 1 to 2 million new users and even potential governance stakeholders.

In light of this news, the price of Uniswap (UNI) has witnessed a marginal increase while Binance’s native coin, BNB has also seen a significant uptick in the past few minutes.

Additionally, as summarised by the moving averages, UNI’s technical analysis (TA) indicators currently reveal a sell position for the altcoin, advising a “sell” at level 17 and a “buy” at level 0. As things stand, the price of UNI is presently trading at $5.92 which represents a decrease of 10.41% over the past 24 hours, in contrast to a drop of 7.64% over the last seven days.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.