According to a report by “The Defiant,” DeFi product development company GFX Labs is expanding decentralized exchange Uniswap to Bitcoin.
Getty Hill, co-founder of GFX Labs, stated in an interview with “The Defiant” that the company will deploy the trading platform Oku on the Bitcoin sidechain Rootstock later this week. Oku utilizes the smart contracts of Uniswap V3 to acquire liquidity and facilitate transactions.
According to data from DeFiLlama, Rootstock is compatible with the Ethereum Virtual Machine (EVM), and its total value locked (TVL) has reached nearly $114 million. Additionally, GFX Labs received a $1.6 million grant from the Uniswap Foundation in September 2022 to build Oku. So far, the company has expanded Uniswap V3 to seven chains, including Ethereum, Optimism, and Arbitrum, through the deployment of Oku.
Hill stated that GFX Labs plans to deploy Oku on three other chains in the near future. It is certain that GFX Labs will not bring Uniswap’s unique pink branding design to Rootstock, and this deployment will use Oku’s interface.
Although the business source license (BSL) for Uniswap V3 expired in April, which means anyone can legally use its code, Hill stated that the benefit of allowing GFX Labs to deploy is that UNI holders can vote on key parameters of the protocol. This includes the notable “fee switch” feature, which may charge a certain percentage of fees on transactions and return value to Uniswap’s decentralized autonomous organization (DAO). GFX Labs’ deployments typically receive approval from Uniswap governance.
Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users
Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…