Michigan Blockchain Proposes Uniswap v3 Deployment On FVM

Michigan Blockchain has presented a proposal to initiate the deployment of Uniswap v3 onto the Filecoin Virtual Machine (FVM). The FVM, a programmable EMV-compatible environment built on the robust Filecoin blockchain, aims to enhance Filecoin’s data economy and storage capabilities.

The Uniswap community is conducting a temperature check vote in support of the proposal to deploy Uniswap V3 to the Filecoin Virtual Machine (FVM). Currently, the approval rate has reached 100%. Deadline to vote is June 18. https://t.co/4Mb27CEE1n

— Wu Blockchain (@WuBlockchain) June 13, 2023

Recognizing Filecoin’s status as a leading decentralized storage provider, Michigan Blockchain believes that early participation in Filecoin’s data economy is crucial for Uniswap to establish market share. The FVM deployment is viewed as an opportune step to advance Uniswap’s multichain vision.

Filecoin, built upon the Interplanetary File System (IPFS), provides a decentralized storage protocol that ensures data integrity and incentivizes storage providers (SPs) through economic mechanisms. The FVM, introduced with the V18 Hygge Filecoin network upgrade in March 2023, allows for smart contract execution on the Filecoin blockchain, enabling the creation of decentralized applications (dapps) that work in tandem with stored data.

The proposal outlines various initiatives that can strengthen Filecoin’s data economy through smart contract development on the FVM. These include perpetual storage applications, data decentralized autonomous organizations (DAOs), data monetization, and decentralized finance (DeFi) platforms. Uniswap’s deployment on the FVM would enable storage providers to swap between $FIL tokens earned as rewards for their services, thereby boosting liquidity within the Filecoin ecosystem.

The integration of Uniswap v3 onto the FVM aligns with the broader goal of fostering a robust data economy. The FVM’s support for multiple virtual machines (VMs) enables interaction with alternative Layer 1 blockchains, facilitating liquidity transmission between previously isolated chains.

The Filecoin ecosystem has witnessed significant growth and adoption, attracting clients from various sectors. Projects such as Internet Archive and the USC Shoah Foundation utilize Filecoin for secure data storage. The recent Space Warp hackathon, hosted by the Filecoin Foundation, highlighted the community’s enthusiasm and resulted in the deployment of over 808 contracts and 130,000 transactions on the FVM platform.

The proposal has passed the Request for Comments (RFC) phase without contention and is now undergoing a temperature check to gauge community sentiment regarding the deployment of Uniswap v3 on the FVM. Once the community’s desire is confirmed, the finalization of relevant stakeholders and contract auditing will follow, paving the way for an on-chain vote to commence.