Uniswap version 3 (v3) will be deployed soon on Boba Network as a result of a favourable community vote.

A different blockchain called Boba Network operates on top of Ethereum and enables less expensive and quicker user transactions.

Uniswap, a decentralized exchange (DEX), uses smart contracts instead of third parties to provide users with financial services.

The move was overwhelmingly supported by the Uniswap community. FranklinDAO and ConsenSys, the Ethereum development and investment lab, backed the proposal.

"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 deployed on the Boba Network, Uniswap will have the opportunity to expand its user base to include individuals who are a part of the multichain ecosystem of Boba, significantly increasing both the overall value locked and the volume of transactions. Boba Network has over $4.5 million locked in its account as of Tuesday.

Uniswap v3 will be adopted by the Boba Network due to a $1 million commitment from the Boba Foundation.

Tokens will be sent to a multisig wallet owned by the Boba Foundation and Uniswap Grants Program, which will distribute the funds to Boba-based projects aimed at boosting adoption of Uniswap v3.

Boba, which has a strong presence in Asia, is also expected to benefit from the move.

“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.