[NEWS] Uniswap releases mainnet for Ethereum's proprietary Layer 2 "Unichain"

Uniswap Labs, which manages the major DEX (decentralized exchange) Uniswap, announced on the 11th that it has released the mainnet of Unichain, a proprietary layer 2 chain for Ethereum (ETH).

Unichain is a layer 2 chain designed for DeFi, emphasizing low fees and fast transaction processing capabilities. According to the announcement, fees are about 95% lower than Ethereum. It also explains that the block time is one second.

Unichain released its testnet in October last year. In less than four months since its release, 95 million transactions have been made on the testnet, and more than 14.7 million smart contracts have been deployed. Circle, Coinbase, and others have already built products on Unichain, and this number is expected to increase in the coming weeks.

Unichain is also developed using OP Stack. This allows it to be interconnected with blockchains that also use OP Stack as a "Superchain." Blockchains that can be connected include Base, run by U.S. cryptocurrency exchange Coinbase, and Sony's Soneium.

Uniswap Labs stated that "DeFi is on the rise," and will continue to work on improving Unichain's block generation speed and the interoperability of cross-chain transactions.

Uniswap released its latest version, "Uniswap v4," this month.

The latest version is running on Ethereum, Polygon (POL), Arbitrum (ARB), and others, and has reduced the operating costs of liquidity pools by up to 99.99%. It also introduced "hooks" as modular plugins that allow developers to customize pools, swaps, fees, and more. It explains that this will improve liquidity, increase swaps, and strengthen Uniswap's network effect.

Reference: Announcement
Image: Shutterstock

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