A Uniswap Layer 2. Since the beginning of the year, the ETH cryptocurrency has delivered undeniably disappointing results. Yet, the Ethereum network remains undoubtedly the most active in terms of innovation and transformation. This momentum is based on scalability, with the goal of promoting the booming sector of layer 2s developed in parallel with its blockchain. This is why the Uniswap platform has just announced its participation in this decentralization effort, with the launch of its layer 2 Unichain. And the UNI cryptocurrency is exploding by 20%...
The Uniswap platform remains the undisputed leader of decentralized exchanges (DEXs) across all networks, with a 46% share of this market. This is despite the fact that it recently lost 14% of its market share to competitors like Aerodrome and Orca.
This position does not prevent it – on the contrary – from being targeted by the US CFTC in September, as part of its crackdown on DeFi. But also not the SEC, which issued a Wells notice that its developers considered "weak and misguided."
This situation is accelerating the need for highly decentralized solutions. This is why Uniswap Labs is announcing the launch of its own layer 2, called Unichain, which is presented as "fast."
This solution is deployed on the Optimism Superchain, with the ambition of becoming "the decentralized home of DeFi and liquidity across networks."
"Unichain is designed to leverage and accelerate Ethereum's scaling roadmap, by shifting execution to a L2. In practice, this means that Unichain will reduce transaction costs by about 95% compared to Ethereum L1 in the short term, and even more over time." Uniswap Labs
UNI Cryptocurrency Soars 20%
An announcement that did not go unnoticed in a cryptocurrency ecosystem seeking volatile assets to ride. Because the price of the UNI token simply soared 17% on October 10th. And more than 20% over the past 7 days.
This is a very strong performance, considering the -7.5% performance of BTC. Even the very popular and solid Bittensor (TAO) has only seen a 12.4% increase over the past 7 days.
The Unichain layer 2 testnet has been operational since October 10th. And its mainnet is expected to arrive later this year. This solution is part of the "modular" dynamic that is very fashionable at the moment. With an estimated block time speed of less than 250 milliseconds, supported by a new generation of trusted execution environments (TEEs). This is a story to follow closely...
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