Uniswap's native token, UNI, defied a stagnant crypto market to soar over 12% on Thursday after the decentralized exchange (DEX) project announced a new Ethereum (ETH) Layer 2 project.
According to Uniswap Labs, the new project, called Unichain, aims to promote decentralized finance (DeFi) and liquidity across the chain.
“Unichain is designed to leverage Ethereum’s scaling roadmap to accelerate and move execution to L2. In practice, this means that Unichain will reduce transaction costs in the short term compared to Ethereum L1. That means up to 95% less, and even more in the long run.
Unichain will soon introduce a decentralized verification network where nodes can verify blocks. This adds a layer of finality and reduces the risk of conflicting or invalid blocks. ”
Uniswap Labs CEO Hayden Adams 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 feel instantaneous, reduces MEV losses, and enforces fair transaction ordering.
A decentralized network of validators that adds an additional layer of finality and economic security on top of sequencers
As part of our participation in Superchain and through our work on ERC7683, we will focus on user experience and cross-chain interoperability, building a cross-chain user experience that is even better than the swap experience within a single chain today. I'll go. ”
UNI is trading at $8.12 at the time of writing, up from $7.15 the previous day. The crypto asset, which ranks 20th in terms of market capitalization, has also gained more than 23% in the past week.
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Featured Image: Shutterstock/Keith Tullier
