The biggest DEX in crypto has stepped onto the battlefield with the future of DeFi on BNB Chain up for grabs.
Uniswap on BNB Chain
The deployment of Uniswap on BNB occurred after a clear majority of $UNI holders voted in favor of the expansion in February. The move from Uniswap is noteworth not only in that it brings serious competition to long-dominant Decentralized Finance (DeFi) protocol PancakeSwap, but it is the first time that Uniswap is entering a major blockchain with such a strong rival already ensconced.
The announcement from Uniswap attracted the attention of the biggest name in BNB Chain, Binance CEO Changpeng Zhao (CZ) himself.
While Uniswap is the biggest, newest bully on the block, the BNB Chain DEX environment has become increasingly competitive in 2023, with the arrival of Trader Joe, the presence of ApeSwap, BiSwap and DODO, and the emergence of native protocols such as Thena, Baby Doge Swap and Wombat Exchange.
The PancakeSwap chefs didn’t get to the top of the BNB Chain mountain by resting on their spatulas, of course. They are putting ambitious plans of their own in action, including expanding to Aptos and Ethereum, as well as debuting their Market Maker Integration feature to reduce costs when swapping the most popular coin pairs.
Perhaps the decisive move in the Battle of the DEXes for the chefs will be when they launch PancakeSwap v3 in April. (PancakeSwap started out as a fork of Uniswap v2.)
To prepare for the v3 launch, PancakeSwap is offering a $135,000 airdrop to liquidity providers, including the chance to win a special V3 Early Supporter NFT – appearing as a crowned bunny superhero chef standing astride a stack of $CAKE and pancakes.
Nobody knows how any single protocol will fare during this Battle of the DEXes, but the diversification of platforms and invigorating influence of competition should be considered healthy for the BNB Chain DeFi ecosystem as a whole.
What is BNB Chain:
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
Find more about BNB Chain here:
Source : bsc.news
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