Uniswap Community Votes Overwhelmingly in Favor of Deploying Uniswap V3 to the Filecoin Virtual Machine (FVM)

By 0xGorki 06/13/23 11:44 AM

The Uniswap community is currently conducting a temperature check vote to gauge support for the proposal to deploy Uniswap V3 on the Filecoin Virtual Machine (FVM).

The proposal, submitted by Michigan Blockchain, aims to leverage Filecoin’s robust decentralized storage capabilities and create new opportunities for Uniswap in the emerging data economy. As of now, the approval rate has reached an impressive 100%, indicating strong community backing. The deadline to cast votes is set for June 18.

The motivation behind the proposal lies in the recognition of Filecoin’s position as a leading decentralized storage protocol built on the Interplanetary File System (IPFS). Unlike traditional peer-to-peer storage systems, Filecoin incentivizes storage providers (SPs) to maintain the integrity of stored data through its economic incentive structure. By tapping into Filecoin’s data economy early on, Uniswap aims to secure market share and contribute to the expansion of its multichain vision.

The Filecoin Virtual Machine (FVM), introduced through the V18 Hygge Filecoin network upgrade in March 2023, enables programmability on the Filecoin blockchain. Built on a WebAssembly (WASM) foundation, the FVM paves the way for the development of smart contracts and dapps that can interact with the stored data. Uniswap’s deployment on the FVM would empower SPs to swap between $FIL tokens, which they earn as rewards for their services, further strengthening the data economy.

The integration of Uniswap V3 with Filecoin’s storage capabilities opens up new possibilities for the DeFi space within the data economy. It enables the creation of services such as perpetual storage, where automatic deal renewal ensures continuous long-term storage agreements with minimal manual intervention.

Additionally, the FVM allows for the governance of data through data decentralized autonomous organizations (DAOs) and the tokenization of data for trading purposes. Uniswap’s presence on Filecoin would provide liquidity transmission between various applications and facilitate essential DeFi functionalities like decentralized exchanges (DEXs) and lending protocols.

The proposal highlights the significance of Filecoin in the broader blockchain ecosystem. As the premier decentralized storage protocol, Filecoin has attracted a diverse range of clients, including the Internet Archive and the USC Shoah Foundation, which rely on Filecoin to secure and store their valuable data. With 484 projects currently active in the Filecoin ecosystem, the foundation has been actively supporting and fostering growth through initiatives like hackathons and accelerator grants. Uniswap’s deployment on the FVM is expected to attract more developers and users to the Filecoin network.

The proposal has successfully passed the Request for Comment (RFC) phase, indicating general consensus and lack of contention. The ongoing temperature check vote seeks to gauge the community’s desire to deploy Uniswap V3 on the FVM. Once the community approves the deployment, the relevant stakeholders will be finalized through debates on the Uniswap Forums. The next steps include deploying the Uniswap V3 contracts on the destination chain and conducting an on-chain vote after the completion of audits.

As the deadline for voting approaches, the Uniswap community’s unanimous support for the deployment of Uniswap V3 on the Filecoin Virtual Machine demonstrates the growing interest and potential for innovation in the intersection of decentralized finance and decentralized storage. If successful, this collaboration could set a precedent for future integrations between DeFi protocols and blockchain-based storage systems, further advancing the development of the decentralized ecosystem.