Uniswap’s [UNI] proposal to float its V3 deployment on the BNB Chain passed the “temperature check” on 22 January, with 80% of total votes cast in favor of the move.

The proposal, which was first published on 17 January, outlined Uniswap’s plan to deploy its V3 on the BNB Chain. The proposal highlighted several reasons for the proposed deployment, including the fact that BNB Chain’s growing user base provided a potential new market for v3.

Moreover, BNB Chain offered high transaction speeds and low fees, making it a suitable platform for UNI’s decentralized exchange services.

However, the intended deployment of v3 on the BNB Chain could pose a significant threat to PancakeSwap’s [CAKE] dominance on the network. PancakeSwap’s total value locked [TVL] on BNB Chain was $2.54 billion, representing a 49.39% share of the total TVL of $5.01 billion held on the chain.