Unichain, the new layer 2 developed by Uniswap Foundation
Uniswap has announced the launch of Unichain, a new Layer-2 designed to improve the efficiency of transactions on Ethereum.
Introducing @unichain — a new L2 designed for DeFi ✨
Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network
Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio
— Uniswap Labs 🦄 (@Uniswap) October 10, 2024
Currently under testnet, Unichain usesoptimistic roll-up technology to address congestion and fees on the Ethereum network. This solution aims to reduce fees and increase liquidity for users, countering the fragmentation of liquidity in the crypto market.
Hayden Adams, CEO of the Uniswap Foundation, pointed out that block times could drop to 200-250 milliseconds, making transactions almost instantaneous. The network will be part ofOptimism ‘s Superchain , which allows communication between different Layer-2 blockchains such as Worldcoin, Base and Mantle.
This move not only improves the user experience, but also optimizes market efficiency by reducing the value lost due to maximum value mining (MEV).
The benefits of Unichain
Unichain introduces several advantages. First, it presents a secure execution environment and a decentralized validation network, providing greater security and transparency in transactions. The goal of the Uniswap Labs team is to make the Defiecosystem more accessible to users.
The network also promotes better interoperability between different blockchains. With the launch of the mainnet scheduled for November, Unichain aims to be a liquidity hub, simplifying the transition between different networks. Finally, the new network promises to be about 95 percent cheaper than Ethereum Layer-1, making transactions more convenient for everyone.
Reacting positively to the UNI token, in fact the price in today’s day saw an upward movement of more than 10 percent, breaking through the $8 barrier, standing at the time of writing at a price of $8.3.
