Decentralized exchange Uniswap has entered the layer-2 solution landscape with its new initiative to “accelerate Ethereum’s scaling roadmap.”
Uniswap, a leading decentralized exchange (DEX), has announced the launch of Unichain, an Ethereum-based layer-2 (L2) network. This initiative aligns with Uniswap's broader goal to enhance transaction speed, reduce costs, and bolster liquidity in the decentralized finance (DeFi) space.
As per a press release shared with crypto.news on Oct. 10, Unichain is designed to address the scalability challenges that have impeded Ethereum's widespread adoption. Powered by the Optimism Superchain, the L2 network aims to provide a fast, low-cost, and highly liquid platform for DeFi applications.
“After years of building and scaling defi products, we've seen where blockchains need improvement and what's required to continue advancing Ethereum's roadmap.”
Hayden Adams, Uniswap Labs CEO
Highlighting the significance of liquidity in the DeFi ecosystem, Adams stated that Unichain will offer the speed and cost efficiency of other L2 solutions but with enhanced access to liquidity across chains and greater decentralization.
Unichain to feature sub-second block times, cross-chain interoperability
According to the network's technical overview, Unichain will initially feature one-second block times, aiming to optimize them further to 200-250 milliseconds. The network will also focus on cross-chain interoperability, enabling efficient liquidity access across L2 networks on Optimism and potentially beyond.
Moreover, Unichain intends to implement the proposed ERC-7683 standard, facilitating improved transaction support across all blockchains. With the private Unichain testnet now live, Uniswap Labs plans to launch the public mainnet later in 2024.
As for whether Uniswap Labs will introduce a separate token for the Unichain network, that detail remains undisclosed. However, following the announcement of this initiative, the price of Uniswap's native token, UNI, experienced an 11% surge, reaching $8.05 at the time of writing.
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