Ignoring a stagnant crypto market, Uniswap’s native token, UNI, rose more than 12% on Thursday as the decentralized exchange project (DEX) announced a new Ethereum (ETH) layer-2 project.
Uniswap labs say The new project, called ‘Unichain’, aims to facilitate decentralized finance (DeFi) and liquidity across chains.
“Unichain is designed to leverage and accelerate Ethereum’s scaling roadmap, moving execution to an L2. In practice, this means that Unichain will reduce transaction fees by ~95% compared to Ethereum L1 in the short term, and even more over time.
Unichain will soon introduce a decentralized validation network that will allow nodes to verify blocks. This adds an extra layer of finality and reduces the risk of conflicting or invalid blocks.”
Hayden Adams, the CEO of Uniswap Labs, say the new layer-2 is the result of “six years of designing and building in the DeFi space.”
“Unichain is built on top of Superchain – with a few new additions we’re bringing to the table:
A fast, provable block builder that makes transactions feel instant, reduces MEV loss, and enforces fair transaction order.
A decentralized network of validators that add an extra layer of finality and economic certainty on top of the sequencer
A focus on user experience and crosschain interoperability – as part of joining the Superchain, and also through our work on ERC7683 – we will build crosschain user experiences that are even better than the experience of exchanging within a single chain today. ”
UNI is trading at $8.12 at the time of writing, compared to $7.15 a day ago. The crypto asset that ranks 20th by market capitalization has also risen more than 23% in the past week.
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Featured image: Shutterstock/Keith Tarrier