Uniswap, a decentralized exchange platform, is set to deploy its version 3 (v3) on Boba Network following a positive outcome of a community vote.

Boba Network, a blockchain that operates on top of Ethereum, promises cheaper and faster transactions for its users.

Uniswap, like other decentralized exchanges, operates on the principles of smart contracts and operates without the need for intermediaries. The Uniswap community vote was supported by FranklinDAO and ConsenSys, an Ethereum development and investment lab.

The proposal stated that the Boba Foundation would be granted an additional use grant for the Uniswap V3 Core software code and would receive the license to fully deploy Uniswap Protocol v3 on Boba Network.

This move would give Uniswap the opportunity to expand its community by including the users within Boba’s multichain ecosystem, increasing its total value locked and transaction volume. As of Tuesday, Boba Network had over $4.5 million in locked value.

The Boba Foundation has committed to allocating $1 million worth of BOBA tokens to promote the adoption of Uniswap v3 on the Boba Network.

These tokens will be sent to a multisig wallet co-owned by the Uniswap Grants Program and the Boba Foundation, which will distribute the funds to promising Boba-based projects.