Uniswap Launches Layer 2 Network Unichain Based on OP Stack UNI Staking to be Opened After Network Verification

Uniswap Launches Layer 2 Network Unichain Based on OP Stack UNI Staking to be Opened After Network Verification

Uniswap Launches Layer 2 Network Unichain Based on OP Stack UNI Staking to be Opened After Network Verification

Uniswap Labs, the development company behind the decentralized cryptocurrency exchange Uniswap, announced on Thursday the launch of Unichain, an Ethereum Layer 2 network built on Optimistic rollup. Unichain aims to address the challenges faced by decentralized finance (DeFi) and achieve seamless multi-chain exchanges by becoming part of the Optimism Superchain and projects such as ERC-7683. Currently, Unichain is live on the testnet.

Providing “near-instant” transactions
Uniswap stated that Ethereum’s high level of decentralization compromises the speed and cost of Layer 1 transactions. In order to expand the blockchain while maintaining decentralization, Ethereum is beginning to provide low-cost data on Layer 2 as part of its Rollup-centric roadmap. Unichain aims to leverage and accelerate Ethereum’s expansion roadmap by moving execution to L2.

Uniswap stated that, compared to Ethereum L1, Unichain will reduce transaction costs by approximately 95% in the short term, with further reductions over time. According to the announcement, Unichain will introduce one-second block times and 250-millisecond “sub-blocks,” providing users with a near-instant transaction processing experience. Faster block times can also improve market efficiency and reduce the value lost due to MEV. This improvement was achieved through collaboration with block builders developed by MEV field experts Flashbots.

Seamless multi-chain exchanges
Uniswap stated that while the launch of multiple L2s has helped reduce costs, it has also led to liquidity fragmentation and poor user experiences. Unichain was created to achieve seamless exchange usage regardless of the chain users are on.

Uniswap also plans to introduce cross-chain exchange functionality in the Uniswap interface and Uniswap Wallet shortly after the launch of Unichain, allowing cross-chain liquidity to have a greater impact.

UNI token staking
According to the whitepaper, Unichain will launch the decentralized verification network (UVN) to address risks associated with a single sequencer architecture. Uniswap stated that UVN allows nodes to validate blocks, increasing an additional layer of finality and reducing the risk of conflicts or invalid blocks.

To become a validator in UVN, node operators must stake UNI on the Ethereum mainnet. The Unichain testnet is already live for developer participation, and the mainnet is set to launch later this year. Uniswap Labs noted that Unichain is designed to be modular, allowing for the expansion of features such as TEE-based builders and verification networks. The team will also be core developers for OP Stack, contributing to Ethereum’s scalability.

According to The Block, an anonymous developer revealed that the highly anticipated preview version of Uniswap V4 is also set to be deployed, with an official launch expected before the end of the year, showcasing all audited and revised content to date.