The post Uniswap introduces Unichain, sparking a 12% surge in UNI token appeared on BitcoinEthereumNews.com.

Decentralized exchange Uniswap‘s UNI token surged following the announcement of Unichain, the platform’s Ethereum layer-2 network. Data from CryptoSlate shows that UNI rose over 12%, reaching $8.07—the highest it’s been in three months. This rise made UNI the top-performing digital asset in the market, which otherwise saw major tokens like Bitcoin lose about 2% of their value. As the governance token of Uniswap, a leading decentralized exchange with over $2.4 trillion in trading volume, UNI is ranked among the top 25 digital assets by market capitalization. Unichain On Oct. 10, Uniswap Labs unveiled Unichain as a key solution in advancing Ethereum’s scaling roadmap. Designed with DeFi users and protocols in mind, Unichain is built on the Optimism Superchain, an Ethereum layer-2 (L2) network utilizing Optimistic rollups. Unichain promises one-second block times, delivering near-instant transaction speeds. This enhancement improves user experience, boosts market efficiency, and reduces losses from miner extractable value (MEV). Furthermore, Unichain offers around a 95% reduction in transaction costs compared to Ethereum’s layer-1, with the potential for even lower fees in the future. Unichain also plans to introduce a decentralized validation network, allowing nodes to verify blocks. This feature will add extra security and reduce the likelihood of conflicting or invalid blocks. Unichain will support seamless multi-chain swaps, ensuring fast and secure cross-chain transactions. As part of the Optimism Superchain, it offers native interoperability while adhering to standards like ERC-7683 to make cross-chain swaps smoother. Unichain will be MIT-licensed to encourage widespread adoption of the technology. The network’s testnet is now live, with a mainnet launch expected soon. Why L2s are importance In the past year, the crypto industry has seen an influx of layer-2 solutions, with market experts arguing that this has caused network fragmentation. However, Uniswap Labs’ CEO Hayden Adams explained the importance of multiple L2…

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Filed under: News - @ October 10, 2024 3:20 pm