Uniswap Launches Its Own Layer-2 Network
11 Oct, 2024 ● Coin news
Uniswap, the leading decentralized exchange (DEX), has unveiled its own application-specific layer-2 blockchain network called Unichain, as announced by developer Uniswap Labs on Oct. 10.
Currently in its testnet phase, the new app chain aims to provide faster, more cost-efficient transactions and improved interoperability across blockchain networks, according to Uniswap.
“Unichain will deliver the speed and cost savings already enabled by L2s, but with better access to liquidity across chains and more decentralization,” said Hayden Adams, CEO of Uniswap Labs.
As of Oct. 10, Uniswap manages nearly $5 billion in total value locked (TVL) across around 25 blockchain networks, according to industry data.
Unichain is part of Optimism’s Superchain, a scalable network of interoperable layer-2 solutions developed using Optimism’s technology.
Other networks within the Superchain include Coinbase’s layer-2 platform Base and SNAXchain, which supports the decentralized perpetual exchange of Synthetix.
Uniswap Labs revealed that Unichain will initially feature block times of 1 second, with plans to reduce them to under 250 milliseconds in the future.
“This will feel like a near-instant transaction experience for the user,” stated Uniswap Labs.
Unichain will allow traders to tap into liquidity from other layer-2 networks within Optimism’s Superchain.
DefiLlama reports that Base and Optimism collectively hold approximately $2.25 billion and $625 million in TVL, respectively.
In collaboration with the cross-chain bridging protocol Across, Uniswap Labs has also proposed an upgrade to the Ethereum network aimed at synchronizing cross-chain messaging across all layer-2 networks.
This proposal, known as ERC 7683, seeks to standardize messages referred to as "intents" across blockchain networks.
Additionally, Unichain is partnering with Flashbots to incorporate Rollup Boost, a modular block-building platform designed for extension through open-source "plug-ins."
Rollup Boost currently supports 250-millisecond block times and "verifiable priority ordering," allowing applications to capture Maximum Extractable Value (MEV).
Flashbots is known for protecting users from the negative effects of MEV or manipulating block order for the benefit of block builders at the expense of traders.
Sources:
https://cointelegraph.com/news/uniswap-launches-layer-2-unichain
