This proposal proposes deploying Uniswap v3 on X Layer. GFX Labs is sponsoring this proposal on behalf of X Layer.
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.
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.
The following list of stakeholders is present to transparently communicate which entities and individuals are involved in proposal creation and implementation.
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
The initial frontend where users can interact with the new Uniswap v3 deployment
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
This entity has >1M UNI and is therefore eligible for administering the onchain vote
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 commitment:
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.
The Uniswap representatives for the multsig will be PGov (Jun) and Arana (Abdullah).
If no major points of contention are posed by the DAO during the RFC, the Accountability Committee will
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 the front end on Oku Trade, will be deployed by GFX Labs
This proposal proposes deploying Uniswap v3 on X Layer. GFX Labs is sponsoring this proposal on behalf of X Layer.
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.
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.
The following list of stakeholders is present to transparently communicate which entities and individuals are involved in proposal creation and implementation.
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
The initial frontend where users can interact with the new Uniswap v3 deployment
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
This entity has >1M UNI and is therefore eligible for administering the onchain vote
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 commitment:
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.
The Uniswap representatives for the multsig will be PGov (Jun) and Arana (Abdullah).
If no major points of contention are posed by the DAO during the RFC, the Accountability Committee will
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 the front end on Oku Trade, will be deployed by GFX Labs
The Event Horizon Community Voted to Support this Proposal ehUNI-31: EventHorizon.vote/vote/uniswap/ehUNI-31
The Event Horizon Community Voted to Support this Proposal ehUNI-31: EventHorizon.vote/vote/uniswap/ehUNI-31
Supportive. Ideally the $ amount for frontend work is more visible here, but we'll expect that to be present in the onchain vote.
https://gov.uniswap.org/t/gfx-labs-delegate-communication-thread/24194/
https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/25
Based on the discussions in the governance forum, we feel it's best to deploy without incentives.
We support a Uniswap v3 deployment on X Layer with no incentives
https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/24?u=blockworksresearch
The pools are too skewed towards OKB. https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/3
https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/21
Supportive. Ideally the $ amount for frontend work is more visible here, but we'll expect that to be present in the onchain vote.
https://gov.uniswap.org/t/gfx-labs-delegate-communication-thread/24194/
https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/25
Based on the discussions in the governance forum, we feel it's best to deploy without incentives.
We support a Uniswap v3 deployment on X Layer with no incentives
https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/24?u=blockworksresearch
The pools are too skewed towards OKB. https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/3
https://gov.uniswap.org/t/rfc-deploy-uniswap-v3-on-x-layer/24307/21
Sounds good, x deploys very well
Sounds good, x deploys very well
Gm everyone
The results are in for the Deploy Uniswap v3 on X Layer on-chain proposal.
See how the community voted and more Uniswap stats:
Onchain vote is now live
Snapshot vote for our revised proposal is now live: https://snapshot.org/#/uniswapgovernance.eth/proposal/0x6ded62e81a99ac1c6e9539aa79f5c15d0abaf6d41ae9f862d3e43d0b95139cda
Gm everyone
The results are in for the Deploy Uniswap v3 on X Layer on-chain proposal.
See how the community voted and more Uniswap stats:
Onchain vote is now live
Snapshot vote for our revised proposal is now live: https://snapshot.org/#/uniswapgovernance.eth/proposal/0x6ded62e81a99ac1c6e9539aa79f5c15d0abaf6d41ae9f862d3e43d0b95139cda
We also offer from SEED Gov to be on part of Uniswap Delegates to be a signer.
Definitely, thank you for the offer
If it is the latter, are these pools planned to be exempt from earning UNI rewards from the onboarding package?
We will most probably use Merkl to distribute the incentives and our LPs will be blacklisted from earning any of the rewards
Will these be funds deployed as incentives or directly as liquidity pairs?
These funds will be deployed as liquidity and not incentives
Snapshot for the temperature check to deploy Uniswap v3 on X Layer is now live: https://snapshot.org/#/uniswapgovernance.eth/proposal/0x4d070edcd39b24b67e219f8f0f6308083c28d510ed0a1ac4ed3fb8d5879f3b6b
We greatly appreciate the valuable feedback provided by all the Uniswap delegates such @Doo_StableLab @0xkeyrock.eth @kaereste @BlockworksResearch and @Juanbug. Also special thanks to @wario for committing to support this deployment with Revert Finance
X Layer will submit a new follow up proposal for the Uniswap onboarding package once we are able to build a stronger case for the same based on feedback provided by Uniswap delegates.
We greatly appreciate the valuable feedback provided by all the Uniswap delegates such @Doo_StableLab @0xkeyrock.eth @kaereste @BlockworksResearch and @Juanbug. Also special thanks to @wario for committing to support this deployment with Revert Finance
X Layer will submit a new follow up proposal for the Uniswap onboarding package once we are able to build a stronger case for the same based on feedback provided by Uniswap delegates.
Based on the above feedback, our counter proposal is as follows:
A new snapshot vote will be created for the counter proposal in the coming days
Thanks for the proposal Yohaan. We at Revert are excited about the deployment and look forward to integrate our products for LPs as soon as possible.
We can definitely do the escrow for the pre-committed TVL. For the escrow, we propose a Gnosis Safe on X Layer with signers from X Layer, Uniswap Delegates and members from the Oku team as signers
Hey @jayyu23 , the gas token of X Layer is $OKB and hence most of the pools contain OKB liquidity so it makes sense to create $OKB denominated pool just like how pools in Polygon are denominated in $MATIC, Avalanche in $AVAX. Another advantage would be a lot of volumes to uniswap v3 via OKX CEX <--> Uniswap v3 arbitrage which will result in a lot of volumes and fees for LPs.
Based on the general consensus and comments by @0xkeyrock.eth and @kfx, we agree to go ahead without the $UNI matching for the time being
Yes, all tokens will be able to be trade against each other using Uniswap's internal router since they have a common token which is $OKB that connects all pools
We also offer from SEED Gov to be on part of Uniswap Delegates to be a signer.
Definitely, thank you for the offer
If it is the latter, are these pools planned to be exempt from earning UNI rewards from the onboarding package?
We will most probably use Merkl to distribute the incentives and our LPs will be blacklisted from earning any of the rewards
Will these be funds deployed as incentives or directly as liquidity pairs?
These funds will be deployed as liquidity and not incentives
Snapshot for the temperature check to deploy Uniswap v3 on X Layer is now live: https://snapshot.org/#/uniswapgovernance.eth/proposal/0x4d070edcd39b24b67e219f8f0f6308083c28d510ed0a1ac4ed3fb8d5879f3b6b
We greatly appreciate the valuable feedback provided by all the Uniswap delegates such @Doo_StableLab @0xkeyrock.eth @kaereste @BlockworksResearch and @Juanbug. Also special thanks to @wario for committing to support this deployment with Revert Finance
X Layer will submit a new follow up proposal for the Uniswap onboarding package once we are able to build a stronger case for the same based on feedback provided by Uniswap delegates.
We greatly appreciate the valuable feedback provided by all the Uniswap delegates such @Doo_StableLab @0xkeyrock.eth @kaereste @BlockworksResearch and @Juanbug. Also special thanks to @wario for committing to support this deployment with Revert Finance
X Layer will submit a new follow up proposal for the Uniswap onboarding package once we are able to build a stronger case for the same based on feedback provided by Uniswap delegates.
Based on the above feedback, our counter proposal is as follows:
A new snapshot vote will be created for the counter proposal in the coming days
Thanks for the proposal Yohaan. We at Revert are excited about the deployment and look forward to integrate our products for LPs as soon as possible.
We can definitely do the escrow for the pre-committed TVL. For the escrow, we propose a Gnosis Safe on X Layer with signers from X Layer, Uniswap Delegates and members from the Oku team as signers
Hey @jayyu23 , the gas token of X Layer is $OKB and hence most of the pools contain OKB liquidity so it makes sense to create $OKB denominated pool just like how pools in Polygon are denominated in $MATIC, Avalanche in $AVAX. Another advantage would be a lot of volumes to uniswap v3 via OKX CEX <--> Uniswap v3 arbitrage which will result in a lot of volumes and fees for LPs.
Based on the general consensus and comments by @0xkeyrock.eth and @kfx, we agree to go ahead without the $UNI matching for the time being
Yes, all tokens will be able to be trade against each other using Uniswap's internal router since they have a common token which is $OKB that connects all pools
The following reflects the views of L2BEAT’s governance team, composed of @krst and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
Unfortunately, we missed the voting deadline both on Snapshot and Tally. However, we wanted to comment to signal our support for the proposal. If we hadn't missed the voting timeframe, we would have voted in favor.
Thank you for accepting feedback from the community. Therefore, we support the revised proposal.
We offer again from SEED Gov to be on part of Uniswap Delegates to be one of the signers of the community multisig, you can count on us.
The following reflects the views of L2BEAT’s governance team, composed of @krst and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
Unfortunately, we missed the voting deadline both on Snapshot and Tally. However, we wanted to comment to signal our support for the proposal. If we hadn't missed the voting timeframe, we would have voted in favor.
Thank you for accepting feedback from the community. Therefore, we support the revised proposal.
We offer again from SEED Gov to be on part of Uniswap Delegates to be one of the signers of the community multisig, you can count on us.
Consistent with our vote in the Temp Check (For), we voted in favor of this proposal, understanding that it is beneficial for Uniswap to deploy in X Layer, taking charge only of the cost of the frontend and without assigning incentives for the moment, committing the proponent to allocate 1M for liquidity for a minimum term of 6 months via community multisig.
We will vote for this deployment without any incentives. This is based on our analysis of the on-chain environment of X Layer.
While Curve has $5M TVL, the complete TVL is in a single USDC-USDT pool, with a wallet labelled "OKX Hot wallet" owning 100% of the pool. All other pools essentially have 0 liquidity and the DEX also has $0 24h volume.
We will vote for this deployment without any incentives. This is based on our analysis of the on-chain environment of X Layer.
While Curve has $5M TVL, the complete TVL is in a single USDC-USDT pool, with a wallet labelled "OKX Hot wallet" owning 100% of the pool. All other pools essentially have 0 liquidity and the DEX also has $0 24h volume.
Similarly, on Quickswap, there is a single wallet that has supplied $2.7M (76% of the total TVL).
Based on this, we feel incentives are premature.
Blockworks Research will vote for this deployment without any incentives based on the prior discussion from previous delegates. If there's established precedent that Uniswap has launched elsewhere with low TVL without incentives than that precendent should remain. However, we would like to revisit this discussion if possible at a later date.
@Yohaan_OKX we would be grateful for your response to our comments. Thanks
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’ll be voting AGAINST the proposal.
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’ll be voting AGAINST the proposal.
Having followed the discussion around the proposal both in the forum and on Telegram, we see that OKX’s TVL is considerably low and liquidity too concentrated to warrant incentives at this point. Additionally, with OKX team deciding not to go forward with incentives at this time anyway, we don’t see a reason to vote in favor of the proposal regardless of their TVL.
We understand that ETH should be the main pair for OKB liquidity, as ETH not only has a healthier LVR compared to a stablecoin, but is also a token with very high utilization and is the bridge token (crucial for the in-out to X layer). Therefore, we believe that a higher percentage of deeper liquidity could be driven to the OKB/wETH pair. What do you think about this?
I similarly plan to vote for a deployment without incentives.
The amount of TVL on the OKX chain is quite low, significantly lower than even for Taiko and Polygon zkEVM:
For comparison, see the TVL on Bitcoin's Rootstock, where Uniswap was deployed without any incentives from the DAO (if I'm not mistaken). While OKX can surely grow to the level of Taiko and zkEVM, it's not even clear if incentives on these chains have been justified, at the time. Additionally, I expect that OKX is significantly less decentralized than these two chains, which should be a factor too IMO.
Thanks for the proposal. While we support a Uniswap v3 deployment on X layer, we request clarification regarding the following:
The pools selected for liquidity commitment seem to be primarily aimed at bolstering OKX's ecosystem token OKB. I would be in favor of this proposal if we amend it to place 30%+ of the liquidity commitments in non OKB-related pools.
Considering $1M worth of liquidity will be 10% of total TVL right now at X Layer, it's an interesting opportunity but at the same time, can the team provide the liquidity to escrow account so that "All liquidity will be provided immediately upon deploying an instance of Uniswap v3 on X Layer."
Thanks for your transparency. Happy to be on part of Uniswap Delegates to be a signer.
Just so everyone is clear on the procedures, a recent change has been made such that all these deployments are optimistically approved and we (accountability committee) has confirmed this is the native team and not a malicious actor. X Layer is offering to incentive with their own funds, so it’s not a matter of voting yes or no, it is just what it is.
However, a future vote asking the Uniswap community if they are willing to pay for the costs of Oku front end and further incentives will likely also happen similar to prior chains. In this case, promising to escrow fund as @Doo_StableLab mentioned and reallocating towards non-OKX pools as @Jaylan28 mentioned would likely strengthen support for this, but that’s just my opinion.
We actually think in practice, putting their own token OKB is not a deal breaker for us as
Consistent with our vote in the Temp Check (For), we voted in favor of this proposal, understanding that it is beneficial for Uniswap to deploy in X Layer, taking charge only of the cost of the frontend and without assigning incentives for the moment, committing the proponent to allocate 1M for liquidity for a minimum term of 6 months via community multisig.
We will vote for this deployment without any incentives. This is based on our analysis of the on-chain environment of X Layer.
While Curve has $5M TVL, the complete TVL is in a single USDC-USDT pool, with a wallet labelled "OKX Hot wallet" owning 100% of the pool. All other pools essentially have 0 liquidity and the DEX also has $0 24h volume.
We will vote for this deployment without any incentives. This is based on our analysis of the on-chain environment of X Layer.
While Curve has $5M TVL, the complete TVL is in a single USDC-USDT pool, with a wallet labelled "OKX Hot wallet" owning 100% of the pool. All other pools essentially have 0 liquidity and the DEX also has $0 24h volume.
Similarly, on Quickswap, there is a single wallet that has supplied $2.7M (76% of the total TVL).
Based on this, we feel incentives are premature.
Blockworks Research will vote for this deployment without any incentives based on the prior discussion from previous delegates. If there's established precedent that Uniswap has launched elsewhere with low TVL without incentives than that precendent should remain. However, we would like to revisit this discussion if possible at a later date.
@Yohaan_OKX we would be grateful for your response to our comments. Thanks
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’ll be voting AGAINST the proposal.
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
We’ll be voting AGAINST the proposal.
Having followed the discussion around the proposal both in the forum and on Telegram, we see that OKX’s TVL is considerably low and liquidity too concentrated to warrant incentives at this point. Additionally, with OKX team deciding not to go forward with incentives at this time anyway, we don’t see a reason to vote in favor of the proposal regardless of their TVL.
We understand that ETH should be the main pair for OKB liquidity, as ETH not only has a healthier LVR compared to a stablecoin, but is also a token with very high utilization and is the bridge token (crucial for the in-out to X layer). Therefore, we believe that a higher percentage of deeper liquidity could be driven to the OKB/wETH pair. What do you think about this?
I similarly plan to vote for a deployment without incentives.
The amount of TVL on the OKX chain is quite low, significantly lower than even for Taiko and Polygon zkEVM:
For comparison, see the TVL on Bitcoin's Rootstock, where Uniswap was deployed without any incentives from the DAO (if I'm not mistaken). While OKX can surely grow to the level of Taiko and zkEVM, it's not even clear if incentives on these chains have been justified, at the time. Additionally, I expect that OKX is significantly less decentralized than these two chains, which should be a factor too IMO.
Thanks for the proposal. While we support a Uniswap v3 deployment on X layer, we request clarification regarding the following:
The pools selected for liquidity commitment seem to be primarily aimed at bolstering OKX's ecosystem token OKB. I would be in favor of this proposal if we amend it to place 30%+ of the liquidity commitments in non OKB-related pools.
Considering $1M worth of liquidity will be 10% of total TVL right now at X Layer, it's an interesting opportunity but at the same time, can the team provide the liquidity to escrow account so that "All liquidity will be provided immediately upon deploying an instance of Uniswap v3 on X Layer."
Thanks for your transparency. Happy to be on part of Uniswap Delegates to be a signer.
Just so everyone is clear on the procedures, a recent change has been made such that all these deployments are optimistically approved and we (accountability committee) has confirmed this is the native team and not a malicious actor. X Layer is offering to incentive with their own funds, so it’s not a matter of voting yes or no, it is just what it is.
However, a future vote asking the Uniswap community if they are willing to pay for the costs of Oku front end and further incentives will likely also happen similar to prior chains. In this case, promising to escrow fund as @Doo_StableLab mentioned and reallocating towards non-OKX pools as @Jaylan28 mentioned would likely strengthen support for this, but that’s just my opinion.
We actually think in practice, putting their own token OKB is not a deal breaker for us as
We understand that ETH should be the main pair for OKB liquidity, as ETH not only has a healthier LVR compared to a stablecoin, but is also a token with very high utilization and is the bridge token (crucial for the in-out to X layer). Therefore, we believe that a higher percentage of deeper liquidity could be driven to the OKB/wETH pair. What do you think about this?
We can definitely do the escrow for the pre-committed TVL. For the escrow, we propose a Gnosis Safe on X Layer with signers from X Layer, Uniswap Delegates and members from the Oku team as signers
We also offer from SEED Gov to be on part of Uniswap Delegates to be a signer.
Thanks for the proposal. While we support a Uniswap v3 deployment on X layer, we request clarification regarding the following:
Will these be funds deployed as incentives or directly as liquidity pairs? If it is the latter, are these pools planned to be exempt from earning UNI rewards from the onboarding package?
We understand that ETH should be the main pair for OKB liquidity, as ETH not only has a healthier LVR compared to a stablecoin, but is also a token with very high utilization and is the bridge token (crucial for the in-out to X layer). Therefore, we believe that a higher percentage of deeper liquidity could be driven to the OKB/wETH pair. What do you think about this?
We can definitely do the escrow for the pre-committed TVL. For the escrow, we propose a Gnosis Safe on X Layer with signers from X Layer, Uniswap Delegates and members from the Oku team as signers
We also offer from SEED Gov to be on part of Uniswap Delegates to be a signer.
Thanks for the proposal. While we support a Uniswap v3 deployment on X layer, we request clarification regarding the following:
Will these be funds deployed as incentives or directly as liquidity pairs? If it is the latter, are these pools planned to be exempt from earning UNI rewards from the onboarding package?
