Uniswap Labs, developer of the most popular decentralized cryptocurrency exchange, today announced the launch of Unichain, a unique application-specific layer 2 blockchain network.
The company said the new blockchain network aims to help build scaling solutions for Ethereum, a popular blockchain for decentralized finance (DeFi), and help reduce transaction times and fees. This joins a myriad of L2 solutions built to improve the speed and affordability of Ethereum, where transactions are often congested.
CEO Hayden Adams said: “Unichain will not only deliver the speed and cost savings already achieved with L2, but also better access to liquidity across the chain and further decentralization. “I will.”
A layer 2 blockchain is a separate chain that operates in parallel with another blockchain and sends transactions to the primary blockchain. Ethereum began its path to scaling with rollups, a technology that allows transactions to be “rolled up” onto another chain and sent all at once. Unichain is accelerating Ethereum’s scaling roadmap by moving smart contract execution to its network, which it said will reduce transaction costs by 95% compared to Ethereum in the short term.
Uniswap Labs’ focus on decentralized finance uses peer-to-peer transactions performed using blockchain technology to allow people to participate in financial services without the need for intermediaries such as banks or brokerages. I’ll make it. This includes buying, selling, and trading tokens, as well as more complex services such as investing, lending, flash loans, margin trading, and prediction markets.
Uniswap said that to bring the next generation of markets online, transactions must not only be cheaper, but also executed in a timely manner. The company said Unichain helps solve this problem by launching with a one-second block time. Additionally, the platform will soon introduce 250ms “sub-blocks” that can create an instantaneous transaction time user experience.
This improvement was made in collaboration with Flashbots Ltd, a block builder that uses a trusted execution environment to improve speed, transparency, and prevent transaction failures. L2 is also part of Optimism Superchain, an Ethereum scaling solution, with Uniswap partnering with OP Labs to implement native interoperability and enable secure movement of assets and data between chains.
Unichain is currently in the testnet stage. This means the company is offering developers the opportunity to build applications that run on the network before full release. Developers can use the builder toolkit and find a complete suite of resources on the company’s website.
Image: Pixabay
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