Uniswap V3, a popular decentralized exchange (DEX), is set to launch soon as the source code commercial license for the current version of the platform will expire on April 1. This announcement has led to many DEXs preparing for the launch of v3. Pancakeswap, a popular DEX on the Binance Smart Chain, has also announced that it will launch v3 in the first week of April.
Uniswap V3 has been under the Business Source License (BUSL) until the change date, which is currently set as April 1, 2023. However, exceptions to the license may be specified by Uniswap Governance via Additional Use Grants. These grants can allow V3 to be deployed on new chains, among other things.
To request a DAO vote for exceptions to the license or to move up the change date, users must follow the Uniswap Governance process. License changes must be enacted via the ENS domain uniswap.eth, which is controlled by Uniswap Governance. This means that Governance has the power to associate arbitrary text with any subdomain of the form X.uniswap.eth. Modifications of the change date should be specified at v3-core-license-date.uniswap.eth, while additional use grants should be specified at v3-core-license-grants.uniswap.eth.
Proposals for exceptions to the license or to move up the change date are submitted via GovernorBravoDelegator @ 0x408ED6354d4973f66138C91495F2f2FCbd8724C3, a proxy contract currently pointing to the implementation at 0x53a328F4086d7C0F1Fa19e594c9b842125263026. NPM packages for consuming the governance contract ABIs, and details on previous versions, are available for users who want to know more about the governance process.
It is important to note that the Uniswap Governance process can be quite complex and involves multiple steps. For example, proposals must be populated with calldata, which involves scripting environments to generate a proposal. However, Uniswap has cautioned that this example should only be used for reference and not in production as it assumes access to a private key with a sufficient amount of delegated UNI to submit a proposal, which is an insecure practice.
In conclusion, the impending launch of Uniswap V3 has many in the decentralized finance (DeFi) community excited. The fact that Pancakeswap, a popular DEX on the Binance Smart Chain, is also set to launch V3 in the first week of April shows that the competition in the DeFi space is heating up. It remains to be seen what new features and capabilities V3 will bring to the table, but one thing is certain: the governance process for Uniswap V3 is quite complex and requires a lot of technical knowledge to navigate.
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