Summary:
This proposes the deployment of Uniswap v3 on X Layer.
Background:
X Layer is a zkEVM Layer 2 network built on Ethereum, powered by Polygon CDK, a zkEVM stack for building Ethereum L2 scaling solutions. Developers can easily deploy their existing contracts on zkEVM, and users can move their assets from Ethereum and conduct transactions off-chain. These transactions are bundled into groups with zero-knowledge proofs to verify their validity.
Motivation:
Deploying an instance of Uniswap v3 on X Layer provides numerous opportunities for Uniswap to gain millions of new users from the OKX ecosystem which comprises of approximately 50m. This deployment will be a win-win for both parties as it provides Uniswap with a new user base and revenue stream and X Layer the chance to offer its users access to a battle tested DeFi primitive, which is Uniswap v3.
Boundless scalability: 100% EVM compatibility and easy-to-use developer tools for deployment.
X Layer is Powered by OKX: seamless integration to all OKX products, all-in-one Web3 gateway, and access to 50M+ users in the OKX ecosystem.
Security: rely on robust secure mechanisms from Ethereum, with trustless interoperability.
Low fee: same coding experience as Ethereum but 100x cheaper.
Portal to Web3: enter the world of Web3 via OKX Wallet, built with compact infrastructure modules to create innovative DApps.
Proposal Stakeholders:
The following list of stakeholders is present to transparently communicate which entities and individuals are involved in proposal creation and implementation.
Proposer: Yohaan (X Layer DeFi Strategy)
This entity is responsible for authoring the proposal & managing the governance process
This entity is responsible for the technical deployment of the contracts on the target chain
- GFX Labs will help deploy the v3 contracts on X Layer and has a track record of safely deploying Uniswap v3 on various EVM-compatible chains
The initial frontend where users can interact with the new Uniswap v3 deployment
- Oku is built and managed by GFX Labs
- Oku was seeded by a Uniswap Foundation grant in 2022
- Oku supports twelve chains and continues to aid Uniswap’s expansion to new protocols
Note: Oku Trade has become the DAO’s go-to third party front-end for Uniswap deployments since the canonical front-end is owned and operated by Uniswap Labs
X Layer mainnet bridge allows you to seamlessly move value between Ethereum and X Layer mainnet and can also be used to send and claim messages to and from Ethereum and X Layer.
This is the chain that v3 contracts are deployed on
Proposal Sponsor: GFX Labs
This entity has >1M UNI and is therefore eligible for administering the onchain vote
Liquidity Bootstrapping and Incentives:
X Layer’s Commitment:
X Layer commits $1M worth of liquidity to Uniswap pools on X Layer for a minimum of 6 months. All liquidity will be provided on the day of launch. The tokens will be deployed on Uniswap through the X Layer integration with Oku Trade. All liquidity will be provided immediately upon deploying an instance of Uniswap v3 on X Layer.
Pools and liquidity committment:
- $500k in OKB/USDT 0.30%
- $200k in OKB/USDC 0.30%
- $200k in OKB/wETH 0.30%
- $100k in USDC/USDT 0.05%
Community Multisig for Liquidity Provisioning:
The liquidity committment made by X layer will be sent to a Gnosis Safe on X Layer prior to launch with signers from OKX, Oku Trade and select Uniswap Delegates.
Deployment Details:
If no major points of contention are posed by the DAO during the RFC, the Accountability Committee will
- Optimistically approve this deployment and consider the deployed contracts on the X layer as canonical, and a comment will be posted on this forum with all the verified contracts
- As is the case with all canonical v3 deployments, this deployment will be subject to Ethereum Layer 1 Uniswap Protocol governance and control. The text record of the uniswap.eth ENS subdomain titled v3-deployments.uniswap.eth will be amended by the Accountability Committee to include the reference to the stated v3 contracts on X Layer.
Timeline:
July 2024: RFC
August 2024: Liquidity commitment Temp Check
August 2024: Onchain vote to approve onboarding package
September 2024: Uni v3 contracts as well as front end on Oku Trade will be deployed by GFX Labs
