UNI jumps 11% as Uniswap debuts its own layer-2 solution Unichain

Decentralized trade Uniswap has entered the layer 2 options panorama with its new initiative to “speed up Ethereum’s scaling roadmap.”

Uniswap, one of many largest decentralized exchanges by buying and selling quantity, has unveiled Unichain, a brand new open-source Ethereum-based layer 2 community designed to enhance transaction pace, scale back prices and enhance liquidity throughout the decentralized finance house. .

In a press launch shared with crypto.information on October 10, Uniswap Labs acknowledged that the product, powered by the Optimism Superchain, goals to deal with the scalability challenges which have hindered the broader adoption of Ethereum.

“After years of constructing and scaling defi merchandise, we’ve seen the place blockchains want to enhance and what it’s going to take to additional evolve Ethereum’s roadmap.”

Hayden Adams, CEO of Uniswap Labs

Adams added that Unichain will ship the pace and value financial savings already enabled by different rivals within the layer 2 house “however with higher entry to cross-chain liquidity and extra decentralization.”

Uniswap will launch Unichain Mainnet later in 2024

In accordance with the community’s technical description, Unichain will initially supply one-second block occasions, with ambitions to optimize to 200-250 milliseconds, though a timeline for this enchancment stays unclear.

As well as, Unichain plans to give attention to cross-chain interoperability, facilitating entry to liquidity throughout numerous layer 2 networks within the Optimism house and past. It additionally plans to implement the proposed ERC-7683 commonplace for improved transaction assist for all blockchains.

Now that the non-public testnet is stay and a public mainnet launch is on the horizon, it stays unsure whether or not Uniswap Labs will introduce a separate token for the community. Following this announcement, the worth of (UNI) rose 11% to succeed in $8.05.