Market Analysis

Uniswap Confirms Launch on Gnosis and Moonbeam

uniswap-confirms-launch-on-gnosis-and-moonbeam

Key Takeaways

  • Uniswap’s governance community has decided that Uniswap will go live on two new chains: Gnosis and Moonbeam.
  • Two votes passed almost unanimously last week, with more than 99.9% of votes in favor of launching on each chain.
  • According to data from DeFi Pulse, Uniswap is the third largest DeFi platform, with $7.05 billion in locked value.

The DeFi platform Uniswap has announced that it will go live on two new blockchains: Gnosis Chain and Moonbeam Network.

Uniswap Comes to Gnosis, Moonbeam

During a community vote last week, governance token holders voted almost unanimously to launch Uniswap on Gnosis and Moonbeam.

Congratulations to everyone at @GnosisChain and @MoonbeamNetwork!

The proposals have passed and v3 will be deployed on both chains💫

— Uniswap Labs 🦄 (@Uniswap) May 23, 2022

Both votes passed with almost identical outcomes. 99.99% of votes were in favor of launching on each chain: 50.7 million UNI in favor of Moonbeam and 46.1 million UNI in favor of Gnosis. Only 0.01% of votes (3,080 UNI) were against each launch.

Major coinholders took part in the vote, including the Ethereum development frim ConsenSys, Crypto.com director of Partnerships Kenneth Ng, and university blockchain programs like Blockchain at Michigan and Blockchain at Columbia.

The final votes ended on May 19 and May 20, following two earlier votes—a temperature check and a consensus check. The actual launches will take place in the coming weeks.

Building the Ethereum Ecosystem

The decision to launch on each blockchain will help Uniswap reach new corners of the DeFi ecosystem.

Gnosis Chain is compatible with Ethereum’s EVM and is designed to carry out fast, low-cost transactions. Gnosis will provide $10 million to support a liquidity mining program on Uniswap.

Moonbeam Network, meanwhile, is a blockchain that aims to integrate Polkadot and Ethereum. The Moonbeam launch proposal was submitted by Nomad.xyz and Blockchain at Berkeley. Nomad will provide $2.5 million to the Uniswap Grants program.

In addition to the two new chains, Uniswap also supports four other chains: Ethereum, Polygon, Optimism, and Arbitrum.

Though most of its activity takes place on the Ethereum blockchain, Uniswap’s overall wealth means that it is a valuable addition to any blockchain that might support it.

According to DeFi Pulse, Uniswap currently has $7.05 billion in total value locked, making it the third-largest DeFi platform.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

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