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Cryptocurrency News Articles
Uniswap Labs Unveils Unichain as a New Ethereum Layer-2 Solution to Dominate the DeFi Ecosystem
Oct 11, 2024 at 06:12 pm
Uniswap (UNI) and other DeFi protocols have made great progress lately. However, DeFi protocols built on Ethereum still face challenges like reduced speed and high transaction costs.
Uniswap Labs has announced the launch of Unichain, a new Ethereum Layer-2 solution designed to enhance the Decentralized Finance (DeFi) ecosystem. Uniswap describes Unichain as a blockchain solution with cross-chain interoperability, a decentralized validator network, and faster transaction speeds.
Unichain is a response to the challenges faced by DeFi protocols built on Ethereum, such as reduced speed and high transaction costs. Uniswap has created Unichain as a solution to these challenges and a way to compete for market share. The team has developed Unichain as an open-source blockchain that other chains can adopt.
Uniswap worked with Flashbots and Optimism to create the technical architecture for Unichain. Unichain is designed to have fast, near-instant transaction settlement capabilities.
This will help increase market efficiency and reduce the value lost to Maximal Extractable Value (MEV). The Unichain testnet launches today, with the mainnet coming later this year.
The Unichain testnet launches with a one-second block time. However, Uniswap notes that Unichain's speed will quickly increase to 200-250 millisecond sub-block times.
In addition to improving speed, Unichain will also enable seamless multi-chain swapping. Built on the Superchain, Unichain will facilitate native interoperability for quick and secure cross-chain transactions.
Unichain will also support standards like ERC-7683 to help make swapping seamless across all chains. Overall, Unichain is designed to contribute to and accelerate Ethereum's scaling roadmap.
This means that in the short term, Unichain will reduce transaction costs by approximately 95% compared to the Ethereum network.
In recent years, Ethereum's scaling solutions have captivated the crypto market. Developers and researchers worldwide are dedicating hundreds of hours to solving Ethereum's scalability issues by releasing new Layer-2 solutions.
Thus, the launch of Unichain marks an addition to the already-populated L2 ecosystem. According to L2Beat data, there are currently 105 Layer-2 protocols that aim to help scale Ethereum.
Arbitrum, Base, and Optimism's OP Mainnet are the top three L2 solutions by Total Value Locked (TVL). Arbitrum, Base, and Optimism have TVL of $13 billion, $7.2 billion, and $5.8 billion, respectively.
Polygon zkEVM is another top L2 scaling solution on Ethereum, with $69 million in TVL. With its outlined characteristics, Unichain is poised to rival Base, Polygon, and Arbitrum.
Like most L2s, Unichain relies on a single sequencer. However, Unichain introduces further decentralization by allowing full nodes to help verify blocks by staking Uniswap's native token, UNI.
This approach prevents the possibility of sequencers submitting conflicting or invalid blocks, which could expose users to financial risks.
Uniswap Labs did not mention whether they will introduce a native token on Unichain. However, launching a Unichain token in the future could propel the blockchain solution to greater heights.
For now, UNI stakers will help provide a second layer of security on the Unichain platform. UNI stakers will verify each block of transactions that the sequencer builds through their participation in Unichain's validator network.
This news has caused a spike in the price of UNI, which has risen by 15% in 24 hours to $8.330.
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