According to The Defiant, DeFi product development company GFX Labs is expanding decentralized exchange Uniswap to Bitcoin.
Getty Hill, co-founder of GFX Labs, stated in an interview with The Defiant that the company will deploy the trading platform Oku on the Bitcoin sidechain Rootstock later this week. Oku utilizes Uniswap V3 smart contracts to acquire liquidity and facilitate transactions.
According to data from DeFiLlama, Rootstock is Ethereum Virtual Machine (EVM) compatible, with a total value locked (TVL) of nearly $114 million. In addition, GFX Labs received a $1.6 million grant from the Uniswap Foundation in September 2022 to build Oku. So far, the company has expanded Uniswap V3 to include seven chains, including Ethereum, Optimism, and Arbitrum, through the deployment of Oku.
Hill mentioned that GFX Labs plans to deploy Oku on three other chains in the near future. It is certain that GFX Labs will not bring Uniswap’s distinctive pink branding to Rootstock, and this deployment will utilize Oku’s interface.
Although the business source license (BSL) for Uniswap V3 expired in April, allowing anyone to legally use its code, Hill stated that the benefit for Uniswap holders in allowing GFX Labs to deploy is that UNI token holders can vote on key parameters of the protocol. This includes the well-known “fee switch” feature, which may charge a certain percentage of fees on transactions and return value to Uniswap’s decentralized autonomous organization (DAO). GFX Labs’ deployments typically receive approval from Uniswap governance.
