Important points
Uniswap Labs is building Unichain as a hub for DeFi liquidity. Unichain will initially support Uniswap protocol versions V2 and V3.
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Uniswap’s native governance token, UNI, surged 13% to $8.13 after Uniswap Labs debuted its new Ethereum layer 2 solution, Unichain. UNI is currently trading above $8, up about 12% in the past 24 hours, according to CoinGecko data.
Developed on the OP stack, Unichain aims to address key challenges facing the Ethereum ecosystem, including high gas fees, suboptimal execution quality, and fragmented liquidity, the team said. Shared in white paper.
Unichain leverages Optimism Superchain to facilitate improved liquidity access and decentralization across multiple Layer 2 networks.
“This is a labor of love based on six years of designing and building in the DeFi space. We believe what we are building will be the best home for DeFi,” said Uniswap Labs CEO. Hayden Adams expressed his enthusiasm at the launch of Unichain.
To ensure transparency and security, Unichain employs a verifiable block construction mechanism using a Trusted Execution Environment (TEE). The team said this approach will help reduce the risk of Maximum Extractable Value (MEV) leakage and provide users with a more predictable and fair trading experience.
Unichain also incorporates a trustless revert protection mechanism for added security. This feature eliminates the need for users to pay fees for failed/unsuccessful transactions.
In addition to verifiable block construction, the new Optimistic Rollup solution integrates Flashbots’ rollup boosting technology, enabling faster block times and reduced latency.
Future plans
The platform is initially set to support versions V2 and V3 of the Uniswap protocol, with a preview of V4 expected by the end of the year.
The team also indicated the possibility of expanding the Unichain Validators Network (UVN) in the future to enhance the security and fairness of the rollup ordering process. Uniswap Labs wants to build Unichain as “the best place to access DeFi across rollups.”
“The Internet of Value cannot be run on a single chain. Ethereum’s rollup-centric roadmap aims to scale by having many L2 chains that seamlessly interface with each other. We are excited about the vision and aim to accelerate it,” Adams said. “Unichain plans to obtain an MIT license and we look forward to seeing our technology adopted by other companies.”
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