Deploy Uniswap V3 to Boba Network

Proposal Discussion
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[Governance Proposal]

Deploy Uniswap v3 on Boba Network

Boba Network and FranklinDAO (Prev. Penn Blockchain) are submitting this proposal to Deploy Uniswap v3 on Boba Network.

Boba: @bobagreg

Voting Links

Voting for the snapshot Governance Proposal is now live:

Summary

In cooperation with DMA Labs (a major contributor to ICHI’s Uniswap v3 management protocols) and support of furthering the vision of Multichain Uniswap 15, we propose that the Uniswap community vote to authorize the deployment of Uniswap v3 to Boba Network.

Boba Network is a blockchain Layer 2 scaling solution and Hybrid Compute platform offering lightning fast transactions and fees anywhere from 40-100x less than the respective Layer 1. Boba’s Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.

In addition, Boba Network is the first and only multichain Layer 2, deploying on leading Layer 1 chains such as Ethereum, Avalanche, BNB and Moonbeam. Deploying on Boba will expand the Uniswap community to include users of the Boba multichain ecosystem, helping Uniswap on its journey to become a leading product in the multichain world.

The timeline for deployment will be approximately 3-4 weeks following the Governance Proposal, with contract deployment being handled by the Boba Network team .

Proposal

We believe there are many benefits for the Uniswap Protocol, some of which include:

  1. Ethereum equivalence. Developer tools, resources, projects, and protocols supported by Ethereum are already supported on Boba Network. A trustless bridge architecture to bridge assets from Ethereum to the Boba Network L2 has been in place since mainnet launch, with many bridging partners extending our bridge capabilities, such as Across.to, Synapse, Multichain and Layerswap.

  2. Low cost transactions with high security. As an Ethereum L2, Boba Network relies on Ethereum’s strong base layer security while providing very low cost transactions, with fees anywhere from 40-100x less than Ethereum.

Details for incentivized Adoption of Uniswap v3

Boba Network will provide $1M $BOBA tokens to foster the usage of Uniswap v3 on Boba Network. The tokens will be sent to a multisig wallet co-owned by the Uniswap Grants Program (UGP) and Boba Network, who will work to deploy the funds as follows:

The incentives should be designed together with other projects which are operating on top of Uniswap v3 such as ICHI, Perpetual Protocol, Paraswap, or 1inch. The $BOBA can be used to incentivize liquidity but should not be limited to this use case. Anything increasing the usage of Uniswap v3 on Boba Network, including building new applications on top of Uniswap v3, should be supported. The goal is to deploy the $1M in the time period of one year. Funds not used after two years would go back to Boba. The spending is limited to $1M - the transferred amount of $BOBA as part of the proposal. Boba Network can decide to increase this amount based on the outcome of this initiative. In addition to this, Boba Network has already contributed more than $4M of liquidity on Uniswap v3 to bootstrap the initial success of Uniswap v3 on the Boba Network.

Security

Boba Network is designed so that users can send arbitrary messages between smart contracts on L2 and L1. Users can relay messages themselves. The security of the messages passed is secured within the rollup protocol. Bridging and sequencing transactions is based on Optimism’s Optimistic Rollup codebase. From L1 to L2, users need to trigger the CanonicalTransactionChain contract on L1 to create a new block on Boba Network. Our Sequencer is then forced to include the transaction on L2. From L2 to L1: Making provable statements about the state of Boba requires a cryptographic commitment in the form of the root of the Boba’s state trie to a smart contract on L1 called the StateCommitmentChain. We regularly publish updates of the state trie. With Merkle tree proofs of the commitments, users can use these proofs to make verifiable statements about the data within the storage of any contract on Boba at a specific block height. This can then be used to enable contracts on Boba L2 to send messages to contracts on L1.

The bridge uses the security of the source chain (L1). In an Optimistic Rollup design, state commitments are published to L1 without any direct proof of the validity of these commitments. Instead, these commitments are considered pending for a period of time (called the “challenge window”). In the challenge window the commitment could be invalidated through a fraud proof. Fraud proof challenges are not enabled and there’s a single sequencer design currently in production. In the event of fraud, the malicious actor and the prover of fraud will (in the future) play out an interactive challenge game and the malicious actor will be slashed.

The Boba Network codebase and Optimism’s codebase have undergone multiple audits, with no outstanding vulnerabilities.

License Exemption

We are requesting an exemption that will allow Boba Network to use the Licensed Work to deploy it on Boba Network, a Layer 2 blockchain on Ethereum, provided that the deployment is subject to Ethereum Layer 1 Uniswap Protocol governance and control.

Timeline

After passing the Temperature Check with 25k UNI voting yes to deploy to Boba Network, we are excited to move forward to the Consensus Check phase to collect further feedback in advance of an on-chain vote.

Following the Consensus Check phase, we will submit this proposal shortly after to an on-chain vote. Provided that the proposal passes both steps, and all governance systems have been built and audited, we will be ready to move forward with the Uniswap v3 deployment on Boba Network.

Yes - Deploy Uniswap v3 to Boba

No - Make no change

Conclusion

Boba Network is primed for substantial growth in the coming year. We have implemented an aggressive developer acquisition program for projects building on not just our Ethereum L2, but also on top of Boba L2s for other chains like Avalanche, BNB, and Moonbeam. Our approach will bring in many new projects, and we feel Uniswap v3 is an essential component that will serve as a foundational layer for this growth.

We welcome any questions and comments and are happy to provide any clarifications as needed. We are excited to submit this proposal to the Uniswap community and look forward to your feedback! Thank you.

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Hi everyone, it was my pleasure to have worked with many of you to bring this proposal forward. Especially happy to double down on our commitment to decentralized, permissionless, transparent systems in light of recent events - systems which are critical and needed now even more than ever.

I’ll be here to answer any questions as they arise!

Greg

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Awesome to see more projects wanting to expand with Uniswap! Good growth for both parties. This proposal passing would have projects built on BOBA’s network the ability to participate and deposit their liquidity on UNI V3

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Love the timing of this, exciting to see this pass!

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Kydo from Stanford Blockchain Club here.

We are not currently endorsing the deployment of Uniswap on new chains at the moment. The main reasons center around 1) Uniswap’s brand dilution and 2) the efforts needed to integrate and maintain front end for the team are too high.

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Are there any plans to integrate with Chainlink?

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We are in favor of deploying Uniswap V3 onto Boba Network because we believe it will be a good way for Boba to increase the value of the company and its token. By integrating the Uniswap interface into their network, they will be able to increase the efficiency of exchanging crypto. Furthermore, we would appreciate more elaboration on who will be in charge of deployment and maintenance. Also, how much funding will be allocated toward bug bounties?

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We have ongoing dialogue with Chainlink but I cannot give an ETA on an integration at this time. We do support several other high quality oracles, as well as our native Hybrid Compute which offers some oracle-like solutions and VRF.

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As part of the license exemption request Boba is requesting to handle the deployment.

We do have an existing bug bounty program which may apply here depending on the issue. We are also currently revamping our bug bounty program with significant upgrades - the new program information should be released very soon.

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Hey Uniswap builders, PM me if you want to add any comment to the article

Boba Network seeks to deploy Uniswap v3 on its hybrid compute platform (daotimes.com)

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While GFX Labs generally favors additional Uniswap v3 deployments, we concluded that it would be premature to deploy Uniswap on Boba at this time. Note: DeFi Llama shows Boba with $3.7m in TVL.

When considering additional deployments, we like to focus on growing Uniswap’s market share of crypto trading and potential revenues from the additional deployment. In this instance, we lack the conviction to say a Uniswap v3 deployment on Boba would outweigh the potential downsides. If their chain grows further, we would be happy to reconsider.

This might be an excellent opportunity to set up a framework/checklist for future Uniswap v3 deployments as we think there are several opportunities for deployments on other chains/L2s.

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Certainly market conditions have not been favorable to some network metrics like TVL after maintaining in the mid 9 figure range throughout most of the current downturn. I will also note that L2Beat shows TVL at a slightly more favorable ~13M.

What I’d really like to focus on though, is that we continue to develop even at the depths of a severe and extended market wide depression. We’ve already contributed 4M to Uniswap on L1, and are here committing another 1M. We’ve forged partnerships with major L1 players and shipped supporting products. We’re actively adding talent to the team, not cutting.

Though this progress may not be reflected in the current top line number, it certainly bodes well for a continued bright future. Bear market is for building.

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Completely agree that Uniswap should deploy on Boba, even during the bear market!

Boba did hit over $1 billion TVL in the last bull market. Liquidity can come and go extremely fast so it would be better to have Uniswap up and running by the time the next bull market hits, instead of waiting and trying to chase.

It looks like Sushi is already deployed on Boba.

I don’t see any downside.

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In favor of seeing Uniswap deployed on the BOBA network. It’s a good time to get the infrastructure in place to meet future demand. While TVLs are lower across the entire ecosystem, they will increase again.

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Hi everyone,
Happy to say the on chain vote is now live: Uniswap Interface

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I support this proposal. Would be great to see Uniswap on Boba!

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Boba has been hard at work building out its technical roadmap and its overall ecosystem. Uniswap and Boba Network both complement each other very well as they both continue to genuinely build a real product.

In response to the concerns, I think they are largely non-issues or largely related to the current overall macro conditions. Brand dilution doesn’t seem to be a real issue here, as Boba Network has a real team with real backers and is here for the long-run. Meanwhile regarding its DeFi ecosystem, Boba indeed has a lower TVL but the entire market has suffered a massive decline in TVL and this is more a reflection of macro than of its specific ecosystem. Uniswap v3 and Boba can have a symbiotic relationship in growing this TVL again as the market bottoms out and begin to range.

Overall deploying v3 on Boba is only a win-win for both sides and I strongly believe that the Uniswap community should move forward here on this approval.

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v3 deployed on Boba will allow lower liquidity/mcap projects to thrive given the tiered LP design. paired with hybrid compute, Boba can become a compelling layer on which projects can build

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Support! would be great to see Uniswap V3 launch on Boba!

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Hi everyone,

It has been brought to our attention that further clarification is needed with regards to the License Holder Entity on the proposal.

We are going to update the current proposal and relaunch it early in the new year. Thank you for all the great dialogue so far and we’re looking forward to your continued support.

Happy Holidays!

1 Like