Blockchain

Uniswap On BNB Chain: Wormhole Wins The Vote For The Best Bridge

Key Points:

  • Wormhole has been chosen as the preferred crypto bridge provider for the intended deployment of Uniswap v3 on the BNB Chain.
  • Wormhole won the popular vote with 62% of the vote. The final governance plan for the implementation of Uniswap v3 on the BNB Chain will now include wormhole.
  • Dong took things a step further and suggested using several bridges to implement Uniswap governance. Through adapters on Celer, the solution enables the inclusion of other bridge protocols.
According to the results of an off-chain vote that was completed on Tuesday, Wormhole has been chosen as the preferred crypto bridge provider for the intended deployment of Uniswap v3 on the BNB Chain.

The voting included Wormhole among a list of four crypto bridge protocols. LayerZero, Celer, and deBridge made up the other three. According to Snapshot data, Wormhole won the popular vote with 62% of the vote. The final governance plan for the implementation of Uniswap v3 on the BNB Chain will now include wormhole.

The vote to choose the bridge was a last-minute addition to the procedure. A preliminary vote for the deployment of the decentralized exchange protocol used by on the BNB Chain had just been completed.

However, some crypto bridge designers opposed the use of a lone bridge supplier. Participants opposed using a single bridge protocol for Uniswap’s multi-chain growth, including co-founders of deBridge Alex Smirnov and Celer Mo Dong. They said that using such a strategy would cause Uniswap to become vendor locked in, tying it to just one cross-chain messaging provider. They claimed that using such a strategy might put the protocol at risk of having a single point of failure.

Dong took things a step further and suggested using several bridges to implement Uniswap governance. Through adapters on Celer, the solution enables the inclusion of other bridge protocols.

Despite these arguments, Uniswap will only use one bridge supplier for the deployment of its proposed BNB Chain. This is because a bridge-agnostic technique is currently not supported by the protocol. As mentioned on the DAO forum, developing such an architecture would also need a large amount of engineering time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

8 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

13 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

21 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

This website uses cookies.