The decentralized exchange (DEX) named Uniswap’s community members have voted in support of launching it on BNB Chain (the Binance-based blockchain). In an exclusive proposal, the community members related to the decentralized autonomous organization (DAO) of Uniswap polled 66% of votes in support.

The proposal pursued the Ethereum-based decentralized exchange’s deployment onto the Binance-powered BNB Chain.

Uniswap Community Participants Approve the Deployment of the Exchange on the BNB Chain

The data bring to the front that up to 84.8M votes were received by the proposal. Nonetheless, the people taking part in the voting process denoted just 8.4% proportion of the whole community of the platform.

The platform declared that a governance proposal was submitted by 0xPlasma Labs for the deployment of Uniswap version 3 to BNB Chain after taking approval from the Uniswap community.

The platform stated that the respective proposal will let 0xPlasma Labs deploy the version protocol of Uniswap on BNB Chain. As per the company, the current time is the most suitable for the respective deployment for several reasons.

One of the top supporters of the respective project is ConsenSys, a prominent crypto exchange and the developers of MetaMask (which is categorized among the most famous crypto wallets).

In addition to this, GFX Labs (a decentralized finance company) is another well-known entity supporting the project along with the others. The former contributed up to 7.03 million votes while the latter provided 4.92M votes.

Another backer of the resolution is Rober Leshner, the founder and the CEO of Compound Labs (a decentralized crypto lending platform). Leshner is responsible for contributing approximately 5.76M votes.

The company that provided the largest number of votes against the respective proposal is Andreessen Horowitz (a giant in the asset management space). It had a cumulative amount of 8 million votes. After that comes Jesse Walden (a company devoted to managing crypto hedge funds). The number of its voters was 8 million.

UNI Token Rises by 2% in Its Price

In addition to this, blockchainucla – a group of crypto proponent students of the University of California, Los Angeles (UCLA) – had up to 4.5M votes. The respective news had affected the value of Uniswap’s local token called UNI.

It witnessed a 2% rise in its price during the previous day. In parallel to this, decentralized autonomous organizations (or DAOs) are driving the industry with several facilities such as convenient on-chain governance.

DAOs utilize smart contracts and blockchain technology for that purpose. At present, above 10,000 DAOs are considered to be functioning in the industry. The crypto market has now adopted the respective model to a great extent. This is indicated by the fact that approximately $12B worth is stored in the treasuries.

As pointed out by these statistics, the crypto community is growingly embracing decentralization. Nonetheless, the present governance model is witnessing a limited success level. The issues experienced by it take into account retention and engagement. Out of almost 6M holders of the governance tokens, just 1.8M can be categorized as actively voting parties.

The respective figure equals only a 28% turnout of the voters. Participation has great importance to let the DAOs operate properly. In this way, the DAOs should offer an interactive and engaging experience. Along with this, they should become conveniently accessible with simplified tools to broaden their ecosystems. Additionally, they should offer more than only proposals and voting.