We’re excited to announce that ChainPort has been proposed to become Uniswap’s official bridge.
The DEX has begun accepting blockchain bridge proposals as part of Uniswap’s expansion to include BNB Chain. The process for selecting a bridge includes several steps and reviews until a few bridges are selected as finalists. The Uniswap Foundation will publish a final report, including community recommendations, on Monday, March 27th, 2023.
ChainPort would be an ideal bridge for Uniswap for several key reasons.
1. ChainPort employs complete fund segregation, meaning contracts operating the bridge hold only an operating budget. Over 95% of funds are secured by MPC (Fireblocks) and/or Multi-Sig Vault Contracts (Gnosis).
2. ChainPort enables a customized custodian solution, enabling the Uniswap DAO to act as a signatory holding & managing frozen tokens in the MPC and/or Multi-Sig Vaults. With this solution, the community/DAO can act as a required layer of security. The DAO/Community will keep the original UNI safe and out of circulation while that supply is mirrored on the target chains.
3. On target chains, the mintable tokens created by ChainPort have various security mechanisms which can be delegated to the control of the UNI Governance DAO.
4. Average bridging times on ChainPort take roughly 1-2 minutes and are done in a permissionless manner. This speed makes ChainPort one of the fastest permissionless blockchain bridges.
These functionalities would make ChainPort an ideal bridge for Uniswap, bridging tokens from and to ETH and BNB. We urge our community to head over to Uniswap, add a vote for ChainPort and spread the word on social media channels.