Uniswap’s native token, UNI, defied stagnant cryptocurrency markets and surged more than 12% on Thursday as the decentralized exchange (DEX) project announced a new Ethereum (ETH) layer 2 project.
Uniswap Labs said its new project, called “Unichain,” aims to promote decentralized finance (DeFi) and liquidity across chains.
“Unichain is designed to leverage and accelerate Ethereum’s scaling roadmap, moving execution to L2. In practice, this means that Unichain lowers transaction costs by up to 95% compared to Ethereum L1 in the short term and even lower over time.
Unichain will soon introduce a decentralized verification network where nodes can verify blocks. “This adds an additional layer of finality and reduces the risk of conflicting or invalid blocks.”
Hayden Adams, CEO of Uniswap Labs, said 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 several new additions.
A fast, provable block builder that makes transactions instantaneous, reduces MEV losses, and enforces fair transaction ordering.
A decentralized validator network that adds finality and economic security on top of sequencers.
With a focus on user experience and cross-chain interoperability – as part of joining Superchain, and also through our work on ERC7683 – we will build a cross-chain user experience that is significantly better than the experience of exchanging within a single chain today. .”
UNI is trading at $8.12 as of this writing, up from $7.15 a day ago. The 20th largest cryptocurrency asset by market capitalization also rose by more than 23% last week.
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