This proposal is brought to the DAO by the Uniswap Growth Program in collaboration with BOB (Build on Bitcoin).
BOB is a unique Hybrid Layer 2 that combines Bitcoin’s security with EVM smart contracts. By placing BTC at the heart of DeFi, BOB can unlock new use cases and trillions in liquidity. This makes BOB the ideal home for Bitcoin DeFi - the best and safest place to earn yield on Bitcoin. In October, 2024, BOB became an official Uniswap V3 deployment. This proposal lorequests a Uniswap Onboarding Package for BOB Network.
Read the BOB Hybrid L2 Vision Paper, Hybrid L2 Technical Blueprint and the BitVM V2 Paper to learn more
BOB was awarded a 750k OP grant from the Optimism Grants Council in December 2024 to accelerate Bitcoin DeFi adoption within the Superchain. To maximize the impact of this funding, BOB launched BOB Rise, a four-month user incentive program (February – June, 2025) designed to distribute OP rewards strategically across key DeFi protocols in the BOB ecosystem.
Visit BOB Rise Dashboard (managed by Merkl).
Uniswap plays a central role in BOB’s DeFi ecosystem, as a key participant in BOB Rise, Uniswap has maintained its position as the leading protocol by TVL throughout the campaign, with consistent capital efficiency across both incentive tranches.
Uniswap’s Performance in BOB Rise (Feb 26 – Mar 24, 2025):
Incentivised Pools:
Campaign Impact as of March 24, 2025:
Return on Emission for Uniswap:
Read more on BOB’s OP grant here
Fusion is a point-based reward program designed to bootstrap ecosystem growth and deepen user engagement across DeFi verticals.
Structured across three seasons, the campaign rewarded users with BOB Spice points for meaningful on-chain activity in areas such as lending, liquid restaking, and DEXes. Currently there are over 773k users harvesting Spice points via BOB Fusion.
A core design philosophy behind Fusion was to allocate multipliers strategically to amplify incentives for high-impact behaviors. In the final season, BOB introduced specially high multipliers for DEX activity, with Uniswap (via Oku) receiving a 11 to 33x multiplier —the highest of the campaign. This was a deliberate decision to cement Uniswap as a core DEX on BOB, while also positioning BOB as the go-to place for users to trade BTC and BTC-related assets on Uniswap.
Read more about the Fusion Campaign
Check out BOB Fusion on BOB Dapp.
Fusion reward multiplier for Uniswap
Reward multiplier for trading BTC assets on Uniswap:
This structure was designed to incentivize BTC LST trading on Uniswap and establish BOB as the best place for BTC DeFi.
BOB is committed to allocating $500K to Uniswap to grow liquidity across strategic pools over the next six months. BOB will work with the Uniswap Growth Program to distribute a mix of native token emissions on BOB, partner rewards from the Babylon ecosystem, contributions from collaborating protocols, and additional OP incentives to boost liquidity and drive adoption. The $500k matching incentives stated above is subject to be materially higher based on rewards from partners like Babylon and OP. Exact amounts will be disclosed at a later date but not yet publicly available.
This proposal requests funding for BOB’s Uniswap onboarding package, which includes user incentives for UniV3 pools, as well as retroactive funding for Oku and Merkl integrations.
The total request amounts to $375k worth of UNI, broken down as follows:
Reference: https://gov.uniswap.org/t/uniswap-revitalization-and-growth/22616?u=getty *Note: The Merkl cost covered in this proposal refers solely to the Uniswap deployment for Oku incentives, with other campaigns like BOB Rise handled under separate agreements.
Classic Pairs:
Local Pairs:
No BOB token has been announced but if there would be a BOB token, the suggestion is to also set up the following market:
Allocation of the incentives subjected to re-evaluation and adjustment based on performance during the incentivised period.
Lombard BTC (LBTC)
Designed to be the stETH of Bitcoin, LBTC provides holders with a native staking yield via Babylon whilst simultaneously maintaining liquidity, enabling them to move freely through DeFi.
This proposal is brought to the DAO by the Uniswap Growth Program in collaboration with BOB (Build on Bitcoin).
BOB is a unique Hybrid Layer 2 that combines Bitcoin’s security with EVM smart contracts. By placing BTC at the heart of DeFi, BOB can unlock new use cases and trillions in liquidity. This makes BOB the ideal home for Bitcoin DeFi - the best and safest place to earn yield on Bitcoin. In October, 2024, BOB became an official Uniswap V3 deployment. This proposal lorequests a Uniswap Onboarding Package for BOB Network.
Read the BOB Hybrid L2 Vision Paper, Hybrid L2 Technical Blueprint and the BitVM V2 Paper to learn more
BOB was awarded a 750k OP grant from the Optimism Grants Council in December 2024 to accelerate Bitcoin DeFi adoption within the Superchain. To maximize the impact of this funding, BOB launched BOB Rise, a four-month user incentive program (February – June, 2025) designed to distribute OP rewards strategically across key DeFi protocols in the BOB ecosystem.
Visit BOB Rise Dashboard (managed by Merkl).
Uniswap plays a central role in BOB’s DeFi ecosystem, as a key participant in BOB Rise, Uniswap has maintained its position as the leading protocol by TVL throughout the campaign, with consistent capital efficiency across both incentive tranches.
Uniswap’s Performance in BOB Rise (Feb 26 – Mar 24, 2025):
Incentivised Pools:
Campaign Impact as of March 24, 2025:
Return on Emission for Uniswap:
Read more on BOB’s OP grant here
Fusion is a point-based reward program designed to bootstrap ecosystem growth and deepen user engagement across DeFi verticals.
Structured across three seasons, the campaign rewarded users with BOB Spice points for meaningful on-chain activity in areas such as lending, liquid restaking, and DEXes. Currently there are over 773k users harvesting Spice points via BOB Fusion.
A core design philosophy behind Fusion was to allocate multipliers strategically to amplify incentives for high-impact behaviors. In the final season, BOB introduced specially high multipliers for DEX activity, with Uniswap (via Oku) receiving a 11 to 33x multiplier —the highest of the campaign. This was a deliberate decision to cement Uniswap as a core DEX on BOB, while also positioning BOB as the go-to place for users to trade BTC and BTC-related assets on Uniswap.
Read more about the Fusion Campaign
Check out BOB Fusion on BOB Dapp.
Fusion reward multiplier for Uniswap
Reward multiplier for trading BTC assets on Uniswap:
This structure was designed to incentivize BTC LST trading on Uniswap and establish BOB as the best place for BTC DeFi.
BOB is committed to allocating $500K to Uniswap to grow liquidity across strategic pools over the next six months. BOB will work with the Uniswap Growth Program to distribute a mix of native token emissions on BOB, partner rewards from the Babylon ecosystem, contributions from collaborating protocols, and additional OP incentives to boost liquidity and drive adoption. The $500k matching incentives stated above is subject to be materially higher based on rewards from partners like Babylon and OP. Exact amounts will be disclosed at a later date but not yet publicly available.
This proposal requests funding for BOB’s Uniswap onboarding package, which includes user incentives for UniV3 pools, as well as retroactive funding for Oku and Merkl integrations.
The total request amounts to $375k worth of UNI, broken down as follows:
Reference: https://gov.uniswap.org/t/uniswap-revitalization-and-growth/22616?u=getty *Note: The Merkl cost covered in this proposal refers solely to the Uniswap deployment for Oku incentives, with other campaigns like BOB Rise handled under separate agreements.
Classic Pairs:
Local Pairs:
No BOB token has been announced but if there would be a BOB token, the suggestion is to also set up the following market:
Allocation of the incentives subjected to re-evaluation and adjustment based on performance during the incentivised period.
Lombard BTC (LBTC)
Designed to be the stETH of Bitcoin, LBTC provides holders with a native staking yield via Babylon whilst simultaneously maintaining liquidity, enabling them to move freely through DeFi.
https://gov.uniswap.org/t/l2beat-delegate-platform/22449/12
https://gov.uniswap.org/t/l2beat-delegate-platform/22449/12
Thanks for the thoughtful questions and for the kind words about the proposal. We really appreciate the opportunity to share more context here — especially around how the BTC-native flywheel is evolving and how we’re thinking about deeper Uniswap integrations going forward.
Sharing answers to both questions below 👇
Q1: On LBTC DeFi use cases and the maturity of the BTC yield flywheel
Thanks for the thoughtful questions and for the kind words about the proposal. We really appreciate the opportunity to share more context here — especially around how the BTC-native flywheel is evolving and how we’re thinking about deeper Uniswap integrations going forward.
Sharing answers to both questions below 👇
Q1: On LBTC DeFi use cases and the maturity of the BTC yield flywheel
Current status (DeFi): Uniswap on BOB already has strong liquidity in BTC LST / BTC pairs. For example, the LBTC/wBTC pool on Uniswap (BOB) has been live with ~$3.5M in TVL and ~$1.6M in 24h volume. 🔗 LBTC/wBTC pool on Oku
LBTC is also integrated into Euler, where users can already access compounding yields: 🔗 Euler on BOB
Additionally, LBTC can be used to mint HybridBTC, unlocking Pendle-based yield opportunities. The HybridBTC/wBTC pool on Uniswap (BOB) currently has ~$1.2M in TVL and ~$1M in 24h volume: 🔗 HybridBTC/wBTC pool on Oku Note: HybridBTC is a newly launched product targeting retail users. Its ~$3M TVL is spread across ~9,000 accounts within just a few weeks of launch.
Current Staking fees (DeFi)
Q2: On deeper integration between BOB Gateway and Uniswap
Thank you again, please follow up if there is further questions!! :)
Zhixi Zhang BOB Team
Thanks for the thoughtful questions and for the kind words about the proposal. We really appreciate the opportunity to share more context here — especially around how the BTC-native flywheel is evolving and how we’re thinking about deeper Uniswap integrations going forward.
Sharing answers to both questions below 👇
Q1: On LBTC DeFi use cases and the maturity of the BTC yield flywheel
Thanks for the thoughtful questions and for the kind words about the proposal. We really appreciate the opportunity to share more context here — especially around how the BTC-native flywheel is evolving and how we’re thinking about deeper Uniswap integrations going forward.
Sharing answers to both questions below 👇
Q1: On LBTC DeFi use cases and the maturity of the BTC yield flywheel
Current status (DeFi): Uniswap on BOB already has strong liquidity in BTC LST / BTC pairs. For example, the LBTC/wBTC pool on Uniswap (BOB) has been live with ~$3.5M in TVL and ~$1.6M in 24h volume. 🔗 LBTC/wBTC pool on Oku
LBTC is also integrated into Euler, where users can already access compounding yields: 🔗 Euler on BOB
Additionally, LBTC can be used to mint HybridBTC, unlocking Pendle-based yield opportunities. The HybridBTC/wBTC pool on Uniswap (BOB) currently has ~$1.2M in TVL and ~$1M in 24h volume: 🔗 HybridBTC/wBTC pool on Oku Note: HybridBTC is a newly launched product targeting retail users. Its ~$3M TVL is spread across ~9,000 accounts within just a few weeks of launch.
Current Staking fees (DeFi)
Q2: On deeper integration between BOB Gateway and Uniswap
Thank you again, please follow up if there is further questions!! :)
Zhixi Zhang BOB Team
Rather than a conflict of interest, this represents a complementary approach to growth. While the Uniswap Foundation focuses on going deep through Uniswap Unleashed, the Growth Program is designed to go wide by supporting new chain deployments and incentive/co-incentive opportunities for Uniswap. It may also be the case that the UF decides to branch into alternative ecosystems in the future as well. It’s not a black and white scenario since they’re already focusing on Base and Arbitrum for v4 incentives—as opposed to solely incentivizing Unichain.
We’ve consistently followed the Uniswap Deployment Guideline, helping early-stage chains structure internal incentive programs. For more developed ecosystems or high-potential emerging chains, especially those where Uniswap plays a central role in DeFi, like BOB, we're presenting co-incentive opportunities to the DAO to expand and maintain Uniswap’s market share.
Uniswap’s goal should be to support new chains early on.
Is there a potential conflict of interest? UF wanted a chunk of change to promote Unichain but does this biases allocation of incentives for 3rd party chains? Let's keep in mind that the treasury is not the US federal debt, every $1 depleted need matching $8-10 in stability fund to generated yield (aka profit) to replace. If there is to be a policy of picking which chains, there needs to be some objective selection criteria
Rather than a conflict of interest, this represents a complementary approach to growth. While the Uniswap Foundation focuses on going deep through Uniswap Unleashed, the Growth Program is designed to go wide by supporting new chain deployments and incentive/co-incentive opportunities for Uniswap. It may also be the case that the UF decides to branch into alternative ecosystems in the future as well. It’s not a black and white scenario since they’re already focusing on Base and Arbitrum for v4 incentives—as opposed to solely incentivizing Unichain.
We’ve consistently followed the Uniswap Deployment Guideline, helping early-stage chains structure internal incentive programs. For more developed ecosystems or high-potential emerging chains, especially those where Uniswap plays a central role in DeFi, like BOB, we're presenting co-incentive opportunities to the DAO to expand and maintain Uniswap’s market share.
Uniswap’s goal should be to support new chains early on.
Is there a potential conflict of interest? UF wanted a chunk of change to promote Unichain but does this biases allocation of incentives for 3rd party chains? Let's keep in mind that the treasury is not the US federal debt, every $1 depleted need matching $8-10 in stability fund to generated yield (aka profit) to replace. If there is to be a policy of picking which chains, there needs to be some objective selection criteria
The following reflects the views of L2BEAT’s governance team, composed of @krst, @Sinkas, and @Manugotsuka, and it’s based on their combined research, fact-checking, and ideation.
We are voting FOR the proposal.
We recently supported the proposal during the temp-check, and, given that nothing has changed, we will continue to support it during this subsequent on-chain vote.
The On Chain vote is now live: here.
Thank you to the Uniswap Growth Program and BOB team for bringing this proposal to the Uniswap DAO, as well as to Zhixi from BOB for joining this week’s community call and sharing valuable additional context.
Overall, we think this is a well-structured proposal from a promising chain that has already demonstrated commitment and traction. Ranking 5th among Uni V3 deployments even before specific UNI incentives is impressive and demonstrates significant organic interest and PMF. Existing traction obviously de-risks the proposal compared to incentivising a brand new, less proven deployment.
Thank you to the Uniswap Growth Program and BOB team for bringing this proposal to the Uniswap DAO, as well as to Zhixi from BOB for joining this week’s community call and sharing valuable additional context.
Overall, we think this is a well-structured proposal from a promising chain that has already demonstrated commitment and traction. Ranking 5th among Uni V3 deployments even before specific UNI incentives is impressive and demonstrates significant organic interest and PMF. Existing traction obviously de-risks the proposal compared to incentivising a brand new, less proven deployment.
Tapping into the Bitcoin ecosystem represents a significant growth vector, and the potential for BOB as a BTC DeFi hub to bridge BTC liquidity and user activity to an EVM environment specifically prioritising Uniswap is certainly a very interesting proposition and aligns well with Uniswap's goal of being the universal liquidity layer.
We also appreciate BOB's commitment to establishing Uniswap V3 as the canonical DEX as well as the pledged incentives, and as we understand it, with additional incentives likely to be added to the campaign later on.
Lastly, as a member of the Superchain it's worth mentioning that the success of BOB would contribute to the overall strength and composability of that ecosystem, which would benefit Unichain and other Uni deployments within it.
Leaving a couple of questions out of interest below, and look forward to see how the proposal progresses!
The flywheel described between LBTC usage, BOB sequencer fees, Babylon staking, and Uniswap LP yield is very interesting. How mature is this integration, and what are the realistic timelines for LPs to start seeing these compounded yield effects?
The BOB Gateway for direct BTC L1 -> EVM DeFi access is obviously a key innovation. Are there plans for, or how do you see the potential for deeper integrations with Uniswap V3 itself (e.g., custom hooks optimized for intent-based swaps or BTC-specific LP strategies) that could further differentiate the Uniswap experience on BOB?
It’s great to see that BOB has made it a priority to keep Uniswap as the canonical DEX on its L2—this kind of alignment is valuable and sets the stage for long-term success. Since becoming an official Uniswap V3 deployment in October 2024, BOB has already climbed to 5th place among all V3 deployments by TVL, which speaks to strong early momentum. As @Argonaut pointed out, there’s always a bit of a chicken-and-egg challenge when it comes to bootstrapping liquidity on new L2s. But with the steady rise of BTC DeFi and BOB’s positioning as the go-to EVM L2 for BTC LSTs, there’s a lot of promise here. With more incentives for Uniswap V3 pools potentially on the way, we’re supportive of this proposal and looking forward to seeing BTC liquidity continue to grow on BOB.
Of the chains we've spoken to as of late, BOB in our opinion has been one of more promising. It's hard to see what further datapoints would be required to make a compelling case for supporting BOB since they've shown considerable growth, eclipsing even Optimism, BSC, and zkSync in TVL without being on the Uniswap.org FE. If Uniswap wants to be relevant on a large Bitcoin L2, BOB is a leader in the sector. Plus, it's quite difficult to negotiate with a chain to make Uniswap their canonical DEX, especailly without the Uni brand. Many favor native DEXs. BOB is an exception to this scenario.
Re new chains: Uniswap's goal should be to support new chains early on. If we're able to monopolize the DEX market on a chain, and sustain the monopoly over time, that's great. It would be unfortunate if our relationship with a chain that has momentum thus far were to dwindle.
We like this initiative, but we think the L2 chain is still too new and hasn’t proven it can sustain long-term growth. We're facing a bit of a dilemma here: we don’t think it’s a good idea to spend money on these early-stage L2s until they’re at least a year old and have shown they can grow sustainably. At the same time, we believe an initial boost could really help the chain at this stage.
This particular L2 has shown promising growth, it's part of the OP ecosystem like Unichain, and it supports Uniswap as its main DEX. Because of that, we’re open to making an exception and voting in favor of the proposal, but we’d like to hear what other delegates think first.
The following reflects the views of L2BEAT’s governance team, composed of @krst, @Sinkas, and @Manugotsuka, and it’s based on their combined research, fact-checking, and ideation.
We are voting FOR the proposal.
We recently supported the proposal during the temp-check, and, given that nothing has changed, we will continue to support it during this subsequent on-chain vote.
The On Chain vote is now live: here.
Thank you to the Uniswap Growth Program and BOB team for bringing this proposal to the Uniswap DAO, as well as to Zhixi from BOB for joining this week’s community call and sharing valuable additional context.
Overall, we think this is a well-structured proposal from a promising chain that has already demonstrated commitment and traction. Ranking 5th among Uni V3 deployments even before specific UNI incentives is impressive and demonstrates significant organic interest and PMF. Existing traction obviously de-risks the proposal compared to incentivising a brand new, less proven deployment.
Thank you to the Uniswap Growth Program and BOB team for bringing this proposal to the Uniswap DAO, as well as to Zhixi from BOB for joining this week’s community call and sharing valuable additional context.
Overall, we think this is a well-structured proposal from a promising chain that has already demonstrated commitment and traction. Ranking 5th among Uni V3 deployments even before specific UNI incentives is impressive and demonstrates significant organic interest and PMF. Existing traction obviously de-risks the proposal compared to incentivising a brand new, less proven deployment.
Tapping into the Bitcoin ecosystem represents a significant growth vector, and the potential for BOB as a BTC DeFi hub to bridge BTC liquidity and user activity to an EVM environment specifically prioritising Uniswap is certainly a very interesting proposition and aligns well with Uniswap's goal of being the universal liquidity layer.
We also appreciate BOB's commitment to establishing Uniswap V3 as the canonical DEX as well as the pledged incentives, and as we understand it, with additional incentives likely to be added to the campaign later on.
Lastly, as a member of the Superchain it's worth mentioning that the success of BOB would contribute to the overall strength and composability of that ecosystem, which would benefit Unichain and other Uni deployments within it.
Leaving a couple of questions out of interest below, and look forward to see how the proposal progresses!
The flywheel described between LBTC usage, BOB sequencer fees, Babylon staking, and Uniswap LP yield is very interesting. How mature is this integration, and what are the realistic timelines for LPs to start seeing these compounded yield effects?
The BOB Gateway for direct BTC L1 -> EVM DeFi access is obviously a key innovation. Are there plans for, or how do you see the potential for deeper integrations with Uniswap V3 itself (e.g., custom hooks optimized for intent-based swaps or BTC-specific LP strategies) that could further differentiate the Uniswap experience on BOB?
It’s great to see that BOB has made it a priority to keep Uniswap as the canonical DEX on its L2—this kind of alignment is valuable and sets the stage for long-term success. Since becoming an official Uniswap V3 deployment in October 2024, BOB has already climbed to 5th place among all V3 deployments by TVL, which speaks to strong early momentum. As @Argonaut pointed out, there’s always a bit of a chicken-and-egg challenge when it comes to bootstrapping liquidity on new L2s. But with the steady rise of BTC DeFi and BOB’s positioning as the go-to EVM L2 for BTC LSTs, there’s a lot of promise here. With more incentives for Uniswap V3 pools potentially on the way, we’re supportive of this proposal and looking forward to seeing BTC liquidity continue to grow on BOB.
Of the chains we've spoken to as of late, BOB in our opinion has been one of more promising. It's hard to see what further datapoints would be required to make a compelling case for supporting BOB since they've shown considerable growth, eclipsing even Optimism, BSC, and zkSync in TVL without being on the Uniswap.org FE. If Uniswap wants to be relevant on a large Bitcoin L2, BOB is a leader in the sector. Plus, it's quite difficult to negotiate with a chain to make Uniswap their canonical DEX, especailly without the Uni brand. Many favor native DEXs. BOB is an exception to this scenario.
Re new chains: Uniswap's goal should be to support new chains early on. If we're able to monopolize the DEX market on a chain, and sustain the monopoly over time, that's great. It would be unfortunate if our relationship with a chain that has momentum thus far were to dwindle.
We like this initiative, but we think the L2 chain is still too new and hasn’t proven it can sustain long-term growth. We're facing a bit of a dilemma here: we don’t think it’s a good idea to spend money on these early-stage L2s until they’re at least a year old and have shown they can grow sustainably. At the same time, we believe an initial boost could really help the chain at this stage.
This particular L2 has shown promising growth, it's part of the OP ecosystem like Unichain, and it supports Uniswap as its main DEX. Because of that, we’re open to making an exception and voting in favor of the proposal, but we’d like to hear what other delegates think first.
