In a recent development, popular Ethereum-based automated market maker (AMM) Uniswap has launched its version 3 (v3) on the Rootstock blockchain protocol. This deployment was made possible by the GFX Labs team, the development hub of the well-known trading platform Oku. With this launch, Uniswap expands its reach to the world’s largest blockchain protocol, enabling seamless smart contract-powered transactions and further expanding the use cases of the decentralized finance (DeFi) ecosystem.
Rootstock is a layer-2 scaling solution built on the Bitcoin network. It combines the security of the proof-of-work (PoW) blockchain network that Bitcoin is renowned for, positioning itself as the liquidity hub for DeFi trades on the Bitcoin network. The platform is fully compatible with Ethereum Virtual Machine (EVM) powered decentralized applications (dApps) and allows users to tap into the liquidity of popular crypto assets.
Rootstock operates using a wrapped version of Bitcoin called smart BTC (RBTC), which is pegged on a one-to-one basis to Bitcoin in a two-way peg system. Users can easily convert their primary Bitcoin asset to RBTC to trade and earn on the DeFi platform. When they wish to use regular Bitcoin, the RBTC asset is burned to restore the underlying cryptocurrency.
The collaboration between Uniswap and Rootstock introduces a new dimension of on-chain token swaps, liquidity depth, and yield opportunities on the world’s leading crypto protocol. This deployment also enables the Oku trading terminal by the GFX Labs team to provide analytics tools, limit orders, and liquidity provider position management for the Rootstock sidechain.
Uniswap has extended its deployment to other Ethereum-powered smart contract networks, including Polygon, Arbitrum, and Optimism, showcasing its commitment to reaching a wider audience and expanding its decentralized economy. Additionally, the latest v3 deployments have also been made on the BNB Smart Chain and Coinbase’s Base network.
Uniswap: The Leading Decentralized Exchange
As the leading decentralized exchange operating on the Ethereum blockchain, Uniswap has solidified its position as a vital player in the crypto landscape. Notably, Uniswap launched the Trustless Market on the Bitcoin network during the BRC-20 token standard boom in May 2023. This market allowed for direct swapping of BRC-20 tokens on the older PoW network, showcasing Uniswap’s commitment to innovation and expanding accessibility.
Uniswap further expanded its offerings by introducing its mobile app, allowing users to exchange any ERC-20-powered token seamlessly. Serving as a crypto wallet, the Uniswap mobile app empowers users to trade their preferred digital tokens while on the go. With support for seven languages and 18+ currencies, the Uniswap mobile app aims to cater to a diverse global audience and promote crypto adoption worldwide.
Uniswap’s launch of version 3 on the Rootstock blockchain protocol marks an important milestone in the expansion of DeFi and the collaboration between different blockchain networks. By providing seamless token swaps, liquidity depth, and yield opportunities, Uniswap strengthens its position as the leading decentralized exchange and continues to drive innovation in the world of decentralized finance. With its mobile app and commitment to global accessibility, Uniswap aims to promote crypto adoption and empower users worldwide. As the decentralized economy evolves, collaborations like these play a crucial role in fostering growth and expanding the possibilities of decentralized financial systems.
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