While GFX Labs isn’t a BSC user, we agree that BSC has a significant number of funds and users, so it is worth considering a Uni v3 deployment to BSC.
DeFi Llama has the overall TVL of DeFi at $41B, of which $24B is on Ethereum. The second largest is BSC at $4.5B. Pancake Swap has $2.35B in TVL. Dune reports BSC as having 753k weekly users. Even if that is off by 90%, that is still a significant number of users Uniswap should be pursuing.
The top pairs on Pancake Swap by 7 day volume:
| Pair | 7 day volume | Liquidity |
|---|---|---|
| WBNB/BUSD | $122m | $160m |
| USDT/WBNB | $111m | $117m |
| TIME/USDT | $35m | $9m |
| USDT/BUSD | $21m | $94m |
| CAKE/WBNB | $16m | $189m |
| ETH/WBNB | $16m | $50m |
| BNX/BUSD | $15m | $18m |
| BTCB/WBNB | $10m | $41m |
| BTCB/BUSD | $10m | $50m |
| CAKE/BUSD | $8m | $14m |
Uniswap v3 is positioned to compete significantly with Pancake Swap because their pools are Uniswap v2 which aren’t as capital efficient. For example, Quickswap’s market share on Polygon has almost been totally eroded since Uniswap v3 was deployed.
Overall, we think a deployment would make sense, but we will conduct more research and talk with other voters before formally supporting the proposal. Perhaps the protocol can target an on-chain vote in early January.
Relevant Dune dashboards:
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Ethereum vs Binance Smart Chain by beliefanx
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Messari: Polygon Uniswap by Messari
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PancakeSwap v2 Swap Metrics by hsc
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Polygon - Uniswap vs. Quickswap by wanxin