[TEMP CHECK] Uniswap Onboarding Package - OKX Chain

Summary:

This proposes the deployment of Uniswap v3 on X Layer.

Background:

X Layer is a zkEVM Layer 2 network built on Ethereum, powered by Polygon CDK, a zkEVM stack for building Ethereum L2 scaling solutions. Developers can easily deploy their existing contracts on zkEVM, and users can move their assets from Ethereum and conduct transactions off-chain. These transactions are bundled into groups with zero-knowledge proofs to verify their validity.

Motivation:

Deploying an instance of Uniswap v3 on X Layer provides numerous opportunities for Uniswap to gain millions of new users from the OKX ecosystem which comprises of approximately 50m. This deployment will be a win-win for both parties as it provides Uniswap with a new user base and revenue stream and X Layer the chance to offer its users access to a battle tested DeFi primitive, which is Uniswap v3.

Boundless scalability: 100% EVM compatibility and easy-to-use developer tools for deployment. X Layer is Powered by OKX: seamless integration to all OKX products, all-in-one Web3 gateway, and access to 50M+ users in the OKX ecosystem. Security: rely on robust secure mechanisms from Ethereum, with trustless interoperability. Low fee: same coding experience as Ethereum but 100x cheaper. Portal to Web3: enter the world of Web3 via OKX Wallet, built with compact infrastructure modules to create innovative DApps.

Proposal Stakeholders:

The following list of stakeholders is present to transparently communicate which entities and individuals are involved in proposal creation and implementation.

Proposer: Yohaan (X Layer DeFi Strategy)

This entity is responsible for authoring the proposal & managing the governance process

Deployer: GFX Labs

This entity is responsible for the technical deployment of the contracts on the target chain

• GFX Labs will help deploy the v3 contracts on X Layer and has a track record of safely deploying Uniswap v3 on various EVM-compatible chains

Frontend: Oku Trade

The initial frontend where users can interact with the new Uniswap v3 deployment

• Oku is built and managed by GFX Labs
• Oku was seeded by a Uniswap Foundation grant in 2022
• Oku supports twelve chains and continues to aid Uniswap’s expansion to new protocols

Note: Oku Trade has become the DAO’s go-to third party front-end for Uniswap deployments since the canonical front-end is owned and operated by Uniswap Labs

Bridge Provider: zkEVM Bridge

X Layer mainnet bridge allows you to seamlessly move value between Ethereum and X Layer mainnet and can also be used to send and claim messages to and from Ethereum and X Layer.

Target Chain: X Layer

This is the chain that v3 contracts are deployed on

Proposal Sponsor: GFX Labs

This entity has >1M UNI and is therefore eligible for administering the onchain vote

Liquidity Bootstrapping and Incentives:

X Layer’s Commitment:

X Layer commits $1M worth of liquidity to Uniswap pools on X Layer for a minimum of 6 months. All liquidity will be provided on the day of launch. The tokens will be deployed on Uniswap through the X Layer integration with Oku Trade. All liquidity will be provided immediately upon deploying an instance of Uniswap v3 on X Layer. Pools and liquidity committment:

• $500k in OKB/USDT 0.30%
• $200k in OKB/USDC 0.30%
• $200k in OKB/wETH 0.30%
• $100k in USDC/USDT 0.05%

Community Multisig for Liquidity Provisioning:

The liquidity committment made by X layer will be sent to a Gnosis Safe on X Layer prior to launch with signers from OKX, Oku Trade and select Uniswap Delegates.

Deployment Details:

If no major points of contention are posed by the DAO during the RFC, the Accountability Committee will

• Optimistically approve this deployment and consider the deployed contracts on the X layer as canonical, and a comment will be posted on this forum with all the verified contracts
• As is the case with all canonical v3 deployments, this deployment will be subject to Ethereum Layer 1 Uniswap Protocol governance and control. The text record of the uniswap.eth ENS subdomain titled v3-deployments.uniswap.eth will be amended by the Accountability Committee to include the reference to the stated v3 contracts on X Layer.

Timeline:

July 2024: RFC August 2024: Liquidity commitment Temp Check August 2024: Onchain vote to approve onboarding package September 2024: Uni v3 contracts as well as front end on Oku Trade will be deployed by GFX Labs