We propose to authorise the deployment of the Uniswap v3 protocol to Plasma. We also propose to incentivize strategic asset pairs to establish an early lead for the Uniswap protocol, which we will match substantially to align outcomes. Plasma is a purpose-built EVM-compatible blockchain. Specifically, we propose launching Uniswap on Plasma to:
Plasma is a high-performance, scalable, and secure blockchain purpose-built for stablecoins. Legacy blockchains weren’t built for stablecoins, which now represent $250B in supply and trillions in monthly transfers. Current blockchains face significant obstacles for stablecoins, such as high transaction fees, centralization issues, high transaction failure rates, and a lack of specialized features required to support stablecoins from first principles.
With backing from Bitfinex and USDT0, Plasma is engineered from the ground up to meet the unique needs of stablecoins. Our team brings together expertise in software engineering at Apple and Microsoft, high-frequency trading at Goldman Sachs, distributed systems research at Imperial College London and Los Alamos National Lab, and hands-on experience building some of the largest stablecoins and blockchains.
Plasma’s target market is the current emerging market user of USDT which does not interact with the blockchain beyond the settlement of payments. Plasma’s vision is that through creating a set of purpose built rails for USDT, this untapped userbase can interact with core blue-chip infrastructure such as Uniswap, Aave and Pendle.
Plasma recently held a TVL raise via Sonar, Cobie’s ICO platform which attracted $1B in TVL in 30 minutes for a $50M public sale. This was followed by another $1B deposited into a Binance Earn campaign.
Plasma offers Uniswap access to a new 330M-user stablecoin market that has never engaged with DeFi. On mainnet beta launch, Plasma will be the fifth largest chain for USDT TVL with a clear focus on capturing large amounts of USDT flow and issuance. This unique userbase is unfamiliar with DeFi and have likely never interacted with blue-chip DeFi applications. Plasma, with Uniswap’s help, will change this. In doing so, Uniswap volumes and subsequent fees will reach new heights.
Additionally, unlike any other nascent ecosystem, DeFi flywheels on Plasma are in full effect almost instantly given the initial launch partnerships with Aave, Veda, Ethena, Pendle and many more. Plasma intends to utilize the DAO-approved backend Uniswap v3 infrastructure, accessible through a Plasma-branded front-end, to facilitate the trading of various pairs, especially for volatile assets. Deep liquidity is a priority for these pools so that important functions, like lending market liquidations, can be seamlessly conducted.
Moreover, Plasma will have an array of unique assets, notably Axis, Uranium Digital, and Daylight as some examples. Bootstrapping these assets through Uniswap would be a value add for LPs and the protocol at large.
To demonstrate broader alignment and help to bootstrap its ecosystem, Plasma will provide $3M-$5M in direct incentives to the following day one pools, organized by size:
Plasma will keep a portion (25%) of protocol-allocated XPL in reserve to help bootstrap ecosystem-native assets such as Daylight, Axis, Uranium Digital and other unannounced issuers. These will be distributed on an accelerated timeline to ensure alignment with the wider 6 month schedule. Confirmed pools include:
Plasma has requested $250K over 6 months in UNI incentives to target 4 key Uniswap v3 pools, arranged by size of requested incentive allocation:
These pools were selected to maximise Uniswap competitiveness on Plasma, and the funds are being requested from the Uniswap Accountability Committee’s discretionary budget, granted a unanimous UAC approval. The UAC will confirm on their end if this discretionary request is approved on the present forum post. A primary motivation for requesting discretionary funds is timing. Plasma will be allocating incentives on day-one, and we would like to proceed with the UNI incentives as soon as possible to deliver the best results. Mainnet is intended to go live in the coming weeks.
The above pools are selected for the following reasons:
These pools will be live immediately on network launch and will be matched by Plasma’s own incentive program. Rather than bridge them back and forth from mainnet, the UNI tokens will be claimable on mainnet at the same address used on Plasma.
Plasma will distribute a minimum of $500K in incentives per month (based on the $3M lower bound over 6 months, subject to XPL price). As a contingency to maximise value for Uniswap DAO, if the monthly allocation falls below $500K, Uniswap will not provide matching for that month. For months meeting or exceeding $500K, Uniswap will allocate its portion of $41.6K. These distributions will be handled through Merkl.
Plasma’s canonical interoperability solution is LayerZero, additionally, Plasma’s canonical bridge will be Stargate. Additional bridges are USDT0 bridge, Debridge, and (Across).
Beyond the stated asset bridges, the GFX Labs team will enable Wormhole-based governance message passing, as is the case with other EVM L1s.
Uniswap V3 Frontend will be provided by Oku Trade
0xcb2436774C3e191c85056d248EF4260ce5f27A9D0x5d6b0f5335ec95cD2aB7E52f2A0750dd865024350x0d922Fb1Bc191F64970ac40376643808b4B74Df90xB3309C48F8407651D918ca3Da4C45DE40109E6410xE3dbcD53f4Ce1b06Ab200f4912BD35672e68f1FA0x454050C4c9190390981Ac4b8d5AFcd7aC65eEffa0x38EB9e62ABe4d3F70C0e161971F29593b8aE29FF0x743E03cceB4af2efA3CC76838f6E8B50B63F184c0x8B3c541c30f9b29560f56B9E44b59718916B69EF0x5911cB3633e764939edc2d92b7e1ad375Bb576490xaa52bB8110fE38D0d2d2AF0B85C3A3eE622CA4550x807F4E281B7A3B324825C64ca53c69F0b418dE400x738fD6d10bCc05c230388B4027CAd37f82fe2AF20x1b35fbA9357fD9bda7ed0429C8BbAbe1e8CC88fc0x9db70E29712Cc8Af10c2B597BaDA6784544FF407We propose to authorise the deployment of the Uniswap v3 protocol to Plasma. We also propose to incentivize strategic asset pairs to establish an early lead for the Uniswap protocol, which we will match substantially to align outcomes. Plasma is a purpose-built EVM-compatible blockchain. Specifically, we propose launching Uniswap on Plasma to:
Plasma is a high-performance, scalable, and secure blockchain purpose-built for stablecoins. Legacy blockchains weren’t built for stablecoins, which now represent $250B in supply and trillions in monthly transfers. Current blockchains face significant obstacles for stablecoins, such as high transaction fees, centralization issues, high transaction failure rates, and a lack of specialized features required to support stablecoins from first principles.
With backing from Bitfinex and USDT0, Plasma is engineered from the ground up to meet the unique needs of stablecoins. Our team brings together expertise in software engineering at Apple and Microsoft, high-frequency trading at Goldman Sachs, distributed systems research at Imperial College London and Los Alamos National Lab, and hands-on experience building some of the largest stablecoins and blockchains.
Plasma’s target market is the current emerging market user of USDT which does not interact with the blockchain beyond the settlement of payments. Plasma’s vision is that through creating a set of purpose built rails for USDT, this untapped userbase can interact with core blue-chip infrastructure such as Uniswap, Aave and Pendle.
Plasma recently held a TVL raise via Sonar, Cobie’s ICO platform which attracted $1B in TVL in 30 minutes for a $50M public sale. This was followed by another $1B deposited into a Binance Earn campaign.
Plasma offers Uniswap access to a new 330M-user stablecoin market that has never engaged with DeFi. On mainnet beta launch, Plasma will be the fifth largest chain for USDT TVL with a clear focus on capturing large amounts of USDT flow and issuance. This unique userbase is unfamiliar with DeFi and have likely never interacted with blue-chip DeFi applications. Plasma, with Uniswap’s help, will change this. In doing so, Uniswap volumes and subsequent fees will reach new heights.
Additionally, unlike any other nascent ecosystem, DeFi flywheels on Plasma are in full effect almost instantly given the initial launch partnerships with Aave, Veda, Ethena, Pendle and many more. Plasma intends to utilize the DAO-approved backend Uniswap v3 infrastructure, accessible through a Plasma-branded front-end, to facilitate the trading of various pairs, especially for volatile assets. Deep liquidity is a priority for these pools so that important functions, like lending market liquidations, can be seamlessly conducted.
Moreover, Plasma will have an array of unique assets, notably Axis, Uranium Digital, and Daylight as some examples. Bootstrapping these assets through Uniswap would be a value add for LPs and the protocol at large.
To demonstrate broader alignment and help to bootstrap its ecosystem, Plasma will provide $3M-$5M in direct incentives to the following day one pools, organized by size:
Plasma will keep a portion (25%) of protocol-allocated XPL in reserve to help bootstrap ecosystem-native assets such as Daylight, Axis, Uranium Digital and other unannounced issuers. These will be distributed on an accelerated timeline to ensure alignment with the wider 6 month schedule. Confirmed pools include:
Plasma has requested $250K over 6 months in UNI incentives to target 4 key Uniswap v3 pools, arranged by size of requested incentive allocation:
These pools were selected to maximise Uniswap competitiveness on Plasma, and the funds are being requested from the Uniswap Accountability Committee’s discretionary budget, granted a unanimous UAC approval. The UAC will confirm on their end if this discretionary request is approved on the present forum post. A primary motivation for requesting discretionary funds is timing. Plasma will be allocating incentives on day-one, and we would like to proceed with the UNI incentives as soon as possible to deliver the best results. Mainnet is intended to go live in the coming weeks.
The above pools are selected for the following reasons:
These pools will be live immediately on network launch and will be matched by Plasma’s own incentive program. Rather than bridge them back and forth from mainnet, the UNI tokens will be claimable on mainnet at the same address used on Plasma.
Plasma will distribute a minimum of $500K in incentives per month (based on the $3M lower bound over 6 months, subject to XPL price). As a contingency to maximise value for Uniswap DAO, if the monthly allocation falls below $500K, Uniswap will not provide matching for that month. For months meeting or exceeding $500K, Uniswap will allocate its portion of $41.6K. These distributions will be handled through Merkl.
Plasma’s canonical interoperability solution is LayerZero, additionally, Plasma’s canonical bridge will be Stargate. Additional bridges are USDT0 bridge, Debridge, and (Across).
Beyond the stated asset bridges, the GFX Labs team will enable Wormhole-based governance message passing, as is the case with other EVM L1s.
Uniswap V3 Frontend will be provided by Oku Trade
0xcb2436774C3e191c85056d248EF4260ce5f27A9D0x5d6b0f5335ec95cD2aB7E52f2A0750dd865024350x0d922Fb1Bc191F64970ac40376643808b4B74Df90xB3309C48F8407651D918ca3Da4C45DE40109E6410xE3dbcD53f4Ce1b06Ab200f4912BD35672e68f1FA0x454050C4c9190390981Ac4b8d5AFcd7aC65eEffa0x38EB9e62ABe4d3F70C0e161971F29593b8aE29FF0x743E03cceB4af2efA3CC76838f6E8B50B63F184c0x8B3c541c30f9b29560f56B9E44b59718916B69EF0x5911cB3633e764939edc2d92b7e1ad375Bb576490xaa52bB8110fE38D0d2d2AF0B85C3A3eE622CA4550x807F4E281B7A3B324825C64ca53c69F0b418dE400x738fD6d10bCc05c230388B4027CAd37f82fe2AF20x1b35fbA9357fD9bda7ed0429C8BbAbe1e8CC88fc0x9db70E29712Cc8Af10c2B597BaDA6784544FF407