The post Uniswap Unveils Unichain To Take On Ethereum L2 Scene appeared on BitcoinEthereumNews.com.

Uniswap Labs has introduced Unichain as a new Ethereum Layer-2 solution to dominate the Decentralized Finance (DeFi) ecosystem. Uniswap highlighted Unichain as a blockchain solution with cross-chain interoperability, a decentralized validator network, and faster speed. The Deal About Unichain Uniswap (UNI) and other DeFi protocols have made great progress lately. However, DeFi protocols built on Ethereum still face challenges like reduced speed and high transaction costs. Uniswap stated that the creation of Unichain is its response to fixing these challenges and competing for market share. The team developed Unichain as an open-source blockchain that other chains can adopt. – Advertisement – Uniswap created Unichain’s technical architecture in collaboration with Flashbots and Optimism. Unchain is designed to showcase fast, near-instant transaction settlement capability. This will help boost market efficiency and lower value lost to Maximal Extractable Value (MEV). The Unichain testnet goes live today, with the mainnet coming much later. Unichain’s testnet launches with a one-second block time. Uniswap, however, noted that Unichain’s speed will increase to 200-250 millisecond sub-block times soon. In addition to improving speed, Unichain will provide seamless multi-chain swapping. Built on the Superchain, Unichain would facilitate native interoperability for quick and safe cross-chain transactions. Unichain will also support standards like ERC-7683 to make swapping seamless across all chains. Overall, Unichain is designed to leverage and accelerate Ethereum’s scaling roadmap. This means that in the short term, Unichain will lower transaction costs by approximately 95% compared to the Ethereum network. Can Uniswap Compete with Base, Polygon, and Arbitrum? In recent years, Ethereum’s scaling solutions have captured the attention of the crypto market. Developers and researchers worldwide are pouring hundreds of hours into solving Ethereum’s scalability issues by releasing new Layer-2 solutions. Thus, the launch of Unichain marks an additional entrant into the already populated L2 ecosystem. According to…

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Filed under: News - @ October 11, 2024 10:21 am