Uniswap unveils personal layer-2 community Unichain, UNI worth soars 11%

• Uniswap has launched its personal layer-2 community referred to as Unichain.
• The OP Stack-powered L2 is in testnet and is designed to enhance transaction velocity, decrease prices and enhance liquidity.
• UNI token’s worth surged to $8.14, its highest stage in over two months

Uniswap, a number one decentralized alternate platform, has introduced a serious growth for its community and ecosystem. The information helped Uniswap’s native token UNI to soar double digits on Thursday.

On Oct. 10, the Uniswap workforce revealed that the DEX platform was seeking to launch its personal layer-2 community on Ethereum. The L2, dubbed Unichain, is earmarked for DeFi.

Per the Uniswap Labs announcement, its an answer to transaction velocity and prices for the alternate’s customers. Additionally key to the launch is the query of liquidity.

Introducing @unichain — a brand new L2 designed for DeFi ✨

Quick blocks (250ms), cross-chain interoperability, and a decentralized validator community

Constructed to be the house for liquidity throughout chains pic.twitter.com/lqfJh6Ltio

— Uniswap Labs 🦄 (@Uniswap) October 10, 2024

Unichain is powered by Optimism’s OP stack and presents 1 second block instances. Sub-block instances of 200-250 milliseconds can also be a part of the event.

“This sort of velocity isn’t simply nice for UX, it additionally improves market effectivity and lowers worth misplaced to MEV,” Uniswap Labs wrote on X.

Uniswap has partnered with OP Labs for native interoperability, with this enabling implementation of cross-chain messaging and cross-chain liquidity. The platforms plan to bolster the ecosystem’s connectivity with cross-chain swapping throughout the Uniswap interface and pockets.

Based on particulars in right this moment’s announcement, the Unichain testnet is reside, whereas the mainnet will go reside later in This fall, 2024.

UNI worth soars 11%

Native Uniswap DEX token UNI is among the many prime gainers within the crypto market. This follows a worth explosion for the cryptocurrency after the information emerged.

With most altcoins down on the day or struggling for upside, UNI spiked greater than 11% to hit highs final seen in July 2024. The token’s surge to the multi-month excessive of $8.14 noticed Uniswap rank as the highest performing coin amongst prime 100 cash by market cap.

UNI traded round $8.05 on the time of writing, nonetheless up by greater than 9%.