Following a positive community vote, version 3 (v3) of the decentralised exchange Uniswap will shortly be launched on Boba Network.

Boba Network, a different blockchain that runs on top of Ethereum, makes user transactions cheaper and faster. Instead of using intermediaries, decentralised exchanges (DEXs) like Uniswap use smart contracts to offer consumers financial services like lending and borrowing.

The move was approved by a large majority of the Uniswap community. The Ethereum development and investment hub ConsenSys and FranklinDAO both supported the plan.

"The Boba Foundation is granted an additional use grant to use the Uniswap V3 Core software code," the proposal stated. "As part of this additional use grant, the Boba Foundation receives license to use the Uniswap Code to fully deploy the Uniswap Protocol v3 onto the Boba Network L2 on the Ethereum blockchain."

By being installed on the Boba Network, Uniswap will be able to add users who are part of the multichain ecosystem of Boba. This will increase both the total value locked and the number of transactions by a large amount. By Tuesday, Boba Network's locked value was close to $4.5 million.

To encourage the adoption of Uniswap v3 on the Boba Network, the Boba Foundation informed CoinDesk that it had pledged $1 million worth of BOBA tokens.

These tokens will be sent to a multisig wallet that is jointly owned by the Boba Foundation and the Uniswap Grants Program. The money will then be given to promising Boba-based projects so that Uniswap V3 can be used more quickly on the Boba Network.

As a result, the action is anticipated to draw additional traders from Asia, where Boba claims to have a large presence, to Uniswap. “With its deployment on Boba Network, Uniswap has the opportunity to bolster its presence in key Asian markets, where Boba is already enjoying strong adoption,” Boba developers told.