Uniswap Unveils Unichain, Aims for Faster, Cheaper Blockchain Transactions
The new layer-2 app chain promises near-instant transactions, cross-chain liquidity, and enhanced interoperability.
Uniswap, the leading decentralized exchange (DEX) in the cryptocurrency space, has launched its own application-specific layer-2 blockchain, Unichain. Uniswap Labs announced the new network on October 10, introducing a solution that aims to deliver quicker transactions, reduced costs, and improved interoperability across multiple blockchains.
Currently, Unichain is in its testnet phase, but the vision is clear: a faster, more accessible network that integrates seamlessly with the broader crypto ecosystem. “Unichain will deliver the speed and cost savings already enabled by L2s, but with better access to liquidity across chains and more decentralization,” stated Hayden Adams, CEO of Uniswap Labs, in a recent announcement.
Uniswap’s impact on the crypto market is significant, with nearly $5 billion in total value locked (TVL) across 25 different blockchain networks. The launch of Unichain is a strategic move aimed at expanding this reach while addressing common challenges like transaction speed and cost.
Unichain will be a part of Optimism’s Superchain, a collaborative network of layer-2 solutions leveraging Optimism’s technology stack. This ecosystem aims to make it easier for users to transact across different layer-2 networks. Other members of the Superchain include Base, a layer-2 network developed by Coinbase, and SNAXchain, which supports the Synthetix decentralized perpetual exchange.
In its initial phase, Unichain will feature one-second block times, offering users a smooth and efficient transaction process. Uniswap Labs plans to reduce block times even further, targeting speeds of less than 250 milliseconds. “This will feel like a near-instant transaction experience for the user,” the company added, hinting at a future where users encounter little to no delay when transacting on the network.
One of the key features of Unichain is its ability to tap into liquidity from other networks in the Superchain. This will allow traders to access more capital across the ecosystem, enhancing trading opportunities. The Superchain's other networks, like Base and Optimism, currently hold around $2.25 billion and $625 million in TVL, respectively, according to data from DeFi analytics platform DefiLlama.
In addition to Unichain’s debut, Uniswap Labs is also collaborating with the cross-chain bridging protocol, Across, to push for a significant upgrade to the Ethereum network. Known as ERC 7683, this proposal aims to synchronize cross-chain messaging across layer-2 networks, standardizing a type of communication called "intents." If successful, this upgrade could streamline interactions between Ethereum and its many offshoots, boosting overall efficiency.
Uniswap is also joining forces with Flashbots, a project focused on mitigating the negative aspects of Maximum Extractable Value (MEV)—a practice where block builders reorder transactions for profit. The collaboration aims to integrate Flashbots’ Rollup Boost, a modular platform that enables rapid transaction processing and prioritization. Rollup Boost allows for 250-millisecond blocks and “verifiable priority ordering,” promising users a smoother trading experience while safeguarding against harmful practices associated with MEV.
By introducing Unichain, Uniswap Labs is positioning itself at the forefront of decentralized finance (DeFi) innovation. The new app chain promises not just faster transactions but a more interconnected blockchain world, offering traders and developers more opportunities across multiple networks.
photo source / Blockonome
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