blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
BET NOW
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
BET NOW
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Uniswap V3 and Ontology EVM Integration Proposal: Empowering the Next Generation of DeFi

Mushu Butt by Mushu Butt
May 16, 2023 - 8:49 am
in defi news
0
ontology uniswap
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Ontology is set to expand its horizons through a proposed partnership with Uniswap, one of the leading decentralized exchanges (DEXs). Integrating Uniswap V3 onto the Ontology EVM is expected to bring numerous benefits to both ecosystems, including enhanced user experience, increased scalability, and the exploration of new decentralized finance (DeFi) possibilities.

This collaborative effort aims to leverage the strengths of both platforms to create a vibrant and dynamic DeFi environment. The proposal, backed by a liquidity provision of $2 million USDT and a $1 million USDT liquidity incentive from the Ontology Foundation, demonstrates the commitment to encouraging early liquidity on the network.

The integration will utilize multiple secure bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, ensuring robust cross-chain functionality. By combining their expertise and resources, Uniswap and Ontology strive to complete the integration within a 6-week timeframe upon approval.

Fostering a More Vibrant DeFi Ecosystem

The motivation behind this partnership is twofold. Firstly, the integration aims to leverage the robust Ontology infrastructure to expand Uniswap’s user base and functionality. The Ontology Network, a public blockchain project and distributed trust collaboration platform, focuses on identity and data management. Its adaptable and modular architecture seamlessly integrates with various industries and businesses.

By incorporating Uniswap V3 onto the Ontology EVM, the partnership seeks to enhance the value proposition for both platforms and foster a more vibrant DeFi ecosystem. Secondly, the partnership is driven by Ontology’s commitment to constantly seeking new collaborations to strengthen its position in the blockchain space.

With its support for Solidity smart contracts running on an Ethereum Virtual Machine (EVM) environment, Ontology offers developers the ability to use familiar tools and frameworks, such as MetaMask wallet, web3.js library, Truffle, and Hardhat development frameworks, for writing, testing, deploying, and running EVM contracts on the Ontology testnet and mainnet.

Furthermore, Ontology’s multi-VM support, which includes native contracts, NeoVM contracts, and WebAssembly (WASM) VM contracts, offers developers flexibility and optimal performance when building on the Ontology Network. The Ontology ecosystem already boasts a thriving network of partnerships across diverse sectors, including finance, mobility, music, and decentralized identity.

Notable collaborations include Wing Finance, a DeFi platform built on Ontology that focuses on credit-based lending and borrowing, and Daimler Mobility, which explores blockchain technology’s potential in the automotive and mobility sectors. These partnerships highlight Ontology’s versatility and adaptability in catering to different industries and delivering value to its users.

In terms of legal standing, the Ontology Foundation is a legal entity incorporated in Singapore, and it declares no past or existing financial or contractual relationship with Uniswap Labs, UNI token, or investments of Uniswap Labs Ventures, ensuring transparency and a conflict-free partnership.

The integration process will mitigate potential risks, such as smart contract vulnerabilities and interoperability issues, through rigorous testing, audits, and using proven security measures. Existing bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, will be leveraged to ensure seamless integration and enhanced security. These bridges have undergone thorough audits by reputable firms such as BlockSec, PeckShield, and CertiK.

Providing Users with Enhanced DeFi Capabilities

Key performance indicators (KPIs) will measure the partnership’s success, including user adoption rates, liquidity provision, and trading volume. The desired outcomes include successfully integrating Uniswap V3 onto the Ontology EVM, increased user adoption, higher trading volume, and enhanced liquidity provision. By achieving these objectives, the partnership aims to solidify the position of both Uniswap and Ontology as leading players in the DeFi landscape.

To facilitate the integration, the Ontology Foundation will allocate a total of $2 million USDT for liquidity pools, covering popular trading pairs such as WONT-pUSDT, WONT-pUSDC, WONT-WONG, WONT-pWBTC, and ONT-pETH. Additionally, a $1 million USDT liquidity incentive will be provided to bootstrap early liquidity on the Network, encouraging users to participate actively in the decentralized exchange.

The milestones for this engagement indicate an efficient and timely process. Upon approval, the deployment of Uniswap V3 on the Ontology EVM is expected to be completed within a six-week timeframe. This timeframe reflects the commitment of both Uniswap and Ontology to swiftly realize the integration and provide users with enhanced DeFi capabilities.

The duration of the partnership will be reevaluated for renewal every two years, ensuring that both parties can assess the collaboration’s progress, success, and evolving needs. This commitment to regular evaluation and renewal highlights the long-term vision of the partnership and its potential to evolve and adapt to the changing dynamics of the DeFi ecosystem.

The license exemption details further solidify the collaboration between Uniswap and Ontology. The Ontology Foundation will deploy Uniswap V3 on the Ontology EVM, leveraging its high-performance public blockchain and cooperative trust collaboration platform. This license exemption enables seamless integration and ensures that both platforms can work together effectively to deliver enhanced services to their respective communities.

Unlocking New Opportunities for the Blockchain Community

Integrating Uniswap V3 onto the Ontology EVM holds immense potential for the DeFi landscape. Uniswap‘s cutting-edge technology, combined with Ontology’s robust infrastructure, will unlock new opportunities for decentralized trading, liquidity provision, and innovative financial products.

By tapping into the strengths of both platforms and leveraging their established user bases, the partnership aims to create a more inclusive, scalable, and efficient DeFi ecosystem. Furthermore, this collaboration aligns with the broader industry trend of interoperability and cross-chain functionality.

By utilizing secure bridges such as Ontology Bridge, Poly Network, Multichain, and cBridge, the integration will enable seamless interaction between the Ontology and Ethereum ecosystems. This cross-chain interoperability will open up new possibilities for liquidity sharing, asset transfers, and collaboration between different blockchain networks, further strengthening the DeFi landscape as a whole.

Users can expect enhanced liquidity provision, improved user experience, and new opportunities for decentralized trading and financial innovation as the integration progresses. The collaboration between Uniswap and Ontology sets a precedent for future partnerships in the DeFi space, highlighting the industry’s drive towards interoperability and collaboration to deliver greater value and possibilities for the global blockchain community.

Tags: ONTOntologyUniswap
ShareTweet
Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

Recommended For You

AmazeWallet Partners with 1inch Network to Revolutionize Web3 Experience

by Umair Younas
May 31, 2023 - 2:15 pm
0
1inch

Users will have easy access to the best market-available token trading prices because of the integration of 1inch Network's API into AmazeWallet.

Read more

EOS EVM v0.5.0 Launches, Facilitating Yield+ Liquidity Mining on EOS EVM

by Mushu Butt
May 31, 2023 - 1:12 pm
0
eos evm

EOS EVM v0.5.0 release brings Yield+ Liquidity Mining to the EOS ecosystem. A major milestone for EOS, showcasing rapid development and growth.

Read more

BingX Unleashes LSD Token Trading Pair, Amplifying DeFi Potential with Lybra Finance

by Samuel Edyme
May 31, 2023 - 11:34 am
0
BingX

Earlier today, BingX, a leading centralized cryptocurrency platform, announced the launch of a new trading pair.

Read more

Tenet Joins Forces with LayerZero to Drive Omnichain Adoption of LSDs

by Mushu Butt
May 30, 2023 - 4:00 pm
0
layerzero

Layer-1 ecosystem Tenet partners with LayerZero to boost omnichain adoption of LSDs, enhancing its accessibility in the broader blockchain ecosystem.

Read more

Persistence Teams Up with SubQuery for Lightning-Fast and Dependable Data Indexing In DeFi

by Shayan Chowdhury
May 29, 2023 - 2:28 pm
0
persistence subquery

Explore how SubQuery network’s latest partnership with Persistence will provide quick and reliable data indexing.

Read more
Next Post
BSIMxGYGGEDG

Conflux and China Telecom debut first on-chain interaction with Blockchain SIM card

PARTNERS LIST

  • sp

PRESS RELEASE

OvalPixelAIPlayEarngamedXUyMpCt

OvalPixel Launches Groundbreaking Play-to-Earn OPAIG AI Game Token

by Chainwire
June 2, 2023 - 7:53 pm
0

Los Angeles, USA, June 2nd, 2023, ChainwireOvalPixel announced the launch of its groundbreaking blockchain-powered artificial intelligence (AI) trivia game that...

photoy

Regulation Becoming a Problem? Here’s Why Hybrid DeFi Platform HedgeUp (HDUP) Is the Future

by Max Clark
June 2, 2023 - 12:54 pm
0

Explore the emerging world of crypto and blockchain regulation and understand why HedgeUp (HDUP), a hybrid DeFi platform, stands resilient.

DiscoverthePowerofBRCLearnNowxnxuMuCflZ

OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitcoin and BRC-20 Token Staking

by Chainwire
June 1, 2023 - 8:13 pm
0

SAN FRANCISCO, UNITED STATES, June 1st, 2023, ChainwireWith BRC-30, OKX Wallet users will soon be able to stake BRC-20 tokens...

photoy

HedgeUp (HDUP) Showcases Why It’s a Better Token Than Chainlink (LINK) and Solana (SOL)

by Max Clark
June 1, 2023 - 1:38 pm
0

Explore the dynamic world of cryptocurrencies with our detailed analysis of HedgeUp (HDUP), Chainlink (LINK), and Solana (SOL).

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise