Key Points
Uniswap Ventures into Layer-2 Solutions
Uniswap, a significant decentralized exchange, has ventured into the layer-2 solution landscape. It has launched a new initiative to speed up Ethereum’s scaling roadmap.
The exchange has introduced Unichain, an open-source Ethereum-based layer-2 network. This network is designed to increase transaction speed, lower costs, and boost liquidity in decentralized finance.
Uniswap Labs shared this information in a press release with crypto.news on Oct. 10. They stated that Unichain, powered by the Optimism Superchain, aims to tackle the scalability issues that have limited Ethereum’s wider adoption.
Hayden Adams, the CEO of Uniswap Labs, has highlighted the need for blockchain improvement. He emphasized the importance of advancing Ethereum’s roadmap.
Adams further stated that Unichain would offer speed and cost savings. These benefits are already provided by other layer-2 competitors. However, Unichain will also offer better liquidity access across chains and increased decentralization.
Unichain’s Features and Future Plans
Unichain plans to launch its mainnet later in 2024. Initially, it will feature one-second block times. The network also has plans to optimize this to 200-250 milliseconds, though the timeline for this improvement is not yet clear.
Unichain’s focus will be on cross-chain interoperability. This will allow for liquidity access across various layer-2 networks on Optimism and beyond. The network also intends to implement the proposed ERC-7683 standard. This will enhance transaction support across all blockchains.
The private testnet for Unichain is now live. However, it is still unclear when the public mainnet will be launched. It is also uncertain whether Uniswap Labs will introduce a separate token for the network.
Following the announcement of Unichain, the price of (UNI) increased by 11%, reaching $8.05.