Uniswap Labs, the development company behind the decentralized cryptocurrency exchange Uniswap, announced on Thursday the launch of its Ethereum Layer 2 network Unichain – an Optimistic rollup built on OP Stack. Unichain aims to solve the challenges faced by decentralized finance (DeFi) and achieve seamless multi-chain exchanges by becoming part of the Optimism Superchain and projects like ERC-7683. Unichain has already launched 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 has begun to provide low-cost data to Layer 2 as part of its Rollup-centered roadmap. Unichain aims to leverage and accelerate Ethereum’s expansion roadmap by moving execution to L2.
Uniswap stated that, in the short term, Unichain will reduce transaction costs by approximately 95% compared to Ethereum L1, with further reductions over time. According to the announcement, Unichain will introduce a one-second block time and 250 milliseconds “sub-blocks” to provide users with an instant transaction processing experience. Faster block times will also increase market efficiency and reduce the value lost due to MEV. This improvement was achieved through collaboration with the block builder developed by MEV 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 dispersion and poor user experience. The establishment of Unichain is aimed at achieving seamless exchange usage, regardless of the chain on which users are transacting.
Uniswap also plans to introduce cross-chain exchange functionality in the Uniswap interface and Uniswap Wallet shortly after Unichain’s launch, enabling greater cross-chain liquidity.
UNI token staking
According to the whitepaper, Unichain will launch the decentralized validation network (UVN) to address risks associated with 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 now live for developers to participate in testing, with the mainnet 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 validation networks. The team will also be core developers of OP Stack, contributing to Ethereum’s scalability.
According to a report by The Block, an anonymous developer revealed that the highly anticipated Uniswap V4 “preview version” is also set to be deployed, expected to officially launch before the end of the year, showcasing all audited and revised content to date.
