DeFi
blockchainreporter.net
16 May 2023 09:52, UTC
Reading time: ~5 m
Ontology is set to expand its horizons through a proposed partnership with Uniswap, one of the leading decentralized exchanges (DEXs). Integrating Uniswap V3 onto the Ontology EVM is expected to bring numerous benefits to both ecosystems, including enhanced user experience, increased scalability, and the exploration of new decentralized finance (DeFi) possibilities.
This collaborative effort aims to leverage the strengths of both platforms to create a vibrant and dynamic DeFi environment. The proposal, backed by a liquidity provision of $2 million USDT and a $1 million USDT liquidity incentive from the Ontology Foundation, demonstrates the commitment to encouraging early liquidity on the network.
The integration will utilize multiple secure bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, ensuring robust cross-chain functionality. By combining their expertise and resources, Uniswap and Ontology strive to complete the integration within a 6-week timeframe upon approval.
Fostering a More Vibrant DeFi Ecosystem
The motivation behind this partnership is twofold. Firstly, the integration aims to leverage the robust Ontology infrastructure to expand Uniswap’s user base and functionality. The Ontology Network, a public blockchain project and distributed trust collaboration platform, focuses on identity and data management. Its adaptable and modular architecture seamlessly integrates with various industries and businesses.
By incorporating Uniswap V3 onto the Ontology EVM, the partnership seeks to enhance the value proposition for both platforms and foster a more vibrant DeFi ecosystem. Secondly, the partnership is driven by Ontology’s commitment to constantly seeking new collaborations to strengthen its position in the blockchain space.
With its support for Solidity smart contracts running on an Ethereum Virtual Machine (EVM) environment, Ontology offers developers the ability to use familiar tools and frameworks, such as MetaMask wallet, web3.js library, Truffle, and Hardhat development frameworks, for writing, testing, deploying, and running EVM contracts on the Ontology testnet and mainnet.
Furthermore, Ontology’s multi-VM support, which includes native contracts, NeoVM contracts, and WebAssembly (WASM) VM contracts, offers developers flexibility and optimal performance when building on the Ontology Network. The Ontology ecosystem already boasts a thriving network of partnerships across diverse sectors, including finance, mobility, music, and decentralized identity.
Notable collaborations include Wing Finance, a DeFi platform built on Ontology that focuses on credit-based lending and borrowing, and Daimler Mobility, which explores blockchain technology’s potential in the automotive and mobility sectors. These partnerships highlight Ontology’s versatility and adaptability in catering to different industries and delivering value to its users.
In terms of legal standing, the Ontology Foundation is a legal entity incorporated in Singapore, and it declares no past or existing financial or contractual relationship with Uniswap Labs, UNI token, or investments of Uniswap Labs Ventures, ensuring transparency and a conflict-free partnership.
The integration process will mitigate potential risks, such as smart contract vulnerabilities and interoperability issues, through rigorous testing, audits, and using proven security measures. Existing bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, will be leveraged to ensure seamless integration and enhanced security. These bridges have undergone thorough audits by reputable firms such as BlockSec, PeckShield, and CertiK.
Providing Users with Enhanced DeFi Capabilities
Key performance indicators (KPIs) will measure the partnership’s success, including user adoption rates, liquidity provision, and trading volume. The desired outcomes include successfully integrating Uniswap V3 onto the Ontology EVM, increased user adoption, higher trading volume, and enhanced liquidity provision. By achieving these objectives, the partnership aims to solidify the position of both Uniswap and Ontology as leading players in the DeFi landscape.
To facilitate the integration, the Ontology Foundation will allocate a total of $2 million USDT for liquidity pools, covering popular trading pairs such as WONT-pUSDT, WONT-pUSDC, WONT-WONG, WONT-pWBTC, and ONT-pETH. Additionally, a $1 million USDT liquidity incentive will be provided to bootstrap early liquidity on the Network, encouraging users to participate actively in the decentralized exchange.
The milestones for this engagement indicate an efficient and timely process. Upon approval, the deployment of Uniswap V3 on the Ontology EVM is expected to be completed within a six-week timeframe. This timeframe reflects the commitment of both Uniswap and Ontology to swiftly realize the integration and provide users with enhanced DeFi capabilities.
The duration of the partnership will be reevaluated for renewal every two years, ensuring that both parties can assess the collaboration’s progress, success, and evolving needs. This commitment to regular evaluation and renewal highlights the long-term vision of the partnership and its potential to evolve and adapt to the changing dynamics of the DeFi ecosystem.
The license exemption details further solidify the collaboration between Uniswap and Ontology. The Ontology Foundation will deploy Uniswap V3 on the Ontology EVM, leveraging its high-performance public blockchain and cooperative trust collaboration platform. This license exemption enables seamless integration and ensures that both platforms can work together effectively to deliver enhanced services to their respective communities.
Unlocking New Opportunities for the Blockchain Community
Integrating Uniswap V3 onto the Ontology EVM holds immense potential for the DeFi landscape. Uniswap‘s cutting-edge technology, combined with Ontology’s robust infrastructure, will unlock new opportunities for decentralized trading, liquidity provision, and innovative financial products.
By tapping into the strengths of both platforms and leveraging their established user bases, the partnership aims to create a more inclusive, scalable, and efficient DeFi ecosystem. Furthermore, this collaboration aligns with the broader industry trend of interoperability and cross-chain functionality.
By utilizing secure bridges such as Ontology Bridge, Poly Network, Multichain, and cBridge, the integration will enable seamless interaction between the Ontology and Ethereum ecosystems. This cross-chain interoperability will open up new possibilities for liquidity sharing, asset transfers, and collaboration between different blockchain networks, further strengthening the DeFi landscape as a whole.
Users can expect enhanced liquidity provision, improved user experience, and new opportunities for decentralized trading and financial innovation as the integration progresses. The collaboration between Uniswap and Ontology sets a precedent for future partnerships in the DeFi space, highlighting the industry’s drive towards interoperability and collaboration to deliver greater value and possibilities for the global blockchain community.
Sourced from cryptonews.net.
