Uniswap V3 is set to join Avalanche, and the effects of this could be significant for both protocols. Uniswap is one of the most prominent decentralized finance (DeFi) protocols in the industry, and its deployment on Avalanche could boost transaction volume and Total Value Locked (TVL) on the network.
The proposal to deploy Uniswap V3 on Avalanche was initiated by community members, who cited the expiration of the Business Source License (BSL) as the catalyst. Voting for the proposal ended on March 17, with 91.26% of votes in favor of the proposition.
Avalanche already supports over 200 protocols and has around 281 listed as of DefiLlama’s recent data dump. Over the past 24 hours, more than 5% of its TVL has been generated, bringing the total to nearly $821 million.
However, with Uniswap’s greater TVL, its V3 alone boasting over $2 billion, it could potentially overtake Trader Joe as the most popular protocol on Avalanche in terms of TVL.
Uniswap is already deployed on several chains, including Polygon, Arbitrum, and Optimism, with Avalanche being the latest addition. Its deployment on Avalanche could further boost its TVL and transaction volume, affecting AVAX in the process.
At the close of trading on March 17, AVAX had increased in value by 11.50%, trading at roughly $17.66. The minor uptrend turned the asset into a bull trend, as shown by the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI).
