Leading Ethereum decentralized exchange Uniswap announced plans Thursday to launch its own layer-2 network called Unichain, which will be built on Optimism tech. Uniswap Labs framed the move as one to cut costs, improve transaction speeds, and boost liquidity across various chains.
Created by the primary 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 Ethereum layer-2 networks built using the same open-source tech stack. This allows for the networks such as Worldcoin, Mantle, and Base to cohesively communicate.
Introducing @unichain — a new L2 designed for DeFi ✨
Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network
Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio
— Uniswap Labs 🦄 (@Uniswap) October 10, 2024
This move promises to address liquidity fragmentation, as tokens are spread across multiple layer-2 networks that oftentimes struggle to communicate with each other. By tapping into Optimism’s network, the new layer-2 solution hopes to address this issue.
Unichain also looks to improve transaction times and lower gas fees compared to the Ethereum mainnet. This is the primary goal of most layer-2 networks as it looks to lighten the load on Ethereum, which can get congested.
Uniswap isn’t the first notable project to get in on the layer-2 game. Coinbase launched Base last year, also using Optimism, and has started raking in millions of dollars each month.
“After years of building and scaling DeFi products, we’ve seen where blockchains need improvement and what’s required to continue advancing Ethereum’s roadmap,” said Uniswap Labs CEO Hayden Adams, in a release. “Unichain will deliver the speed and cost savings already enabled by L2s, but with better access to liquidity across chains and more decentralization.”
Developed in collaboration with 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.
