According to a report by “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 Oku trading platform on the Bitcoin sidechain Rootstock later this week. Oku utilizes the smart contracts of Uniswap V3 to acquire liquidity and facilitate trading.
According to DeFiLlama data, Rootstock is compatible with the Ethereum Virtual Machine (EVM), and its total value locked (TVL) has reached 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 unique pink brand design to Rootstock, and this deployment will feature 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 deploying with GFX Labs benefits Uniswap holders as UNI 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 trades and return the value to Uniswap’s decentralized autonomous organization (DAO). Deployments by GFX Labs typically receive approval from Uniswap governance.