Uniswap, the leading decentralized Ethereum exchange, announced plans on Thursday to launch its own layer 2 network called Unichain, which will be built on Optimism technology. Uniswap Labs presented the move as a move to reduce costs, improve transaction speeds, and increase liquidity across various chains.
Created by the lead developer of Uniswap, the largest decentralized exchange (DEX) on Ethereum, the new layer 2 solution will aim to create a network of interoperable networks through its use of the Optimism superchain.
The Superchain is made up of a group of layer 2 Ethereum networks built using the same open source technology stack. This allows networks such as World Currency, CoatAnd Base communicate coherently.
Presentation @unichain — a new L2 designed for DeFi ✨
Fast blocks (250 ms), interoperability between chains and decentralized validator network
Designed to be the home of cross-chain liquidity pic.twitter.com/lqfJh6Ltio
– Uniswap Labs 🦄 (@Uniswap) October 10, 2024
The move promises to address liquidity fragmentation as tokens are spread across multiple Layer 2 networks that often struggle to communicate with each other. By leveraging Optimism’s network, the new Layer 2 solution hopes to solve this problem.
Unichain also seeks to improve transaction times and reduce gas fees compared to the Ethereum mainnet. This is the main goal of most layer 2 networks, as it is to ease the load on Ethereum, which can be congested.
Uniswap is not the first notable project to jump into layer 2 play. Coinbase launched Base last year, also using Optimism, and began raking in millions of dollars every month.
“After years of building and scaling DeFi products, we have seen where blockchains need improvement and what is needed to continue to advance the Ethereum roadmap,” said Hayden Adams, CEO of Uniswap Labs, in a statement. “Unichain will offer the speed and cost savings already enabled by L2s, but with greater access to cross-chain liquidity and greater decentralization.”
Developed in collaboration with the Uniswap Foundation, Optimism and Flashbots, Unichain also introduces the Trusted Execution Environment (TEE), as well as a community validation network. Both are designed to increase “trust and transparency” in the blockchain.
Editor’s note: This story was updated after publication with additional details.
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