According to a report from “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’s smart contracts to acquire liquidity and facilitate trades.
According to DeFiLlama data, Rootstock is compatible with the Ethereum Virtual Machine (EVM) and has a Total Value Locked (TVL) of nearly $114 million. Furthermore, 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 seven chains including Ethereum, Optimism, and Arbitrum by deploying Oku.
Hill mentioned that GFX Labs plans to deploy Oku on three more chains in the near future. It is certain that GFX Labs will not bring Uniswap’s unique pink brand design to Rootstock, as this deployment will feature Oku’s interface.
Despite the expiration of Uniswap V3’s Business Source License (BSL) in April, allowing anyone to legally use its code, Hill stated that deploying through 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 value to Uniswap’s decentralized autonomous organization (DAO). GFX Labs’ deployments typically receive approval from Uniswap governance.