Uniswap Unveils Unichain: A New Layer 2 Solution for DeFi

The decentralized exchange Uniswap has introduced its own Ethereum Layer 2 network named Unichain, specifically developed for DeFi.

Introducing @unichain — a new L2 designed for DeFi ✨

Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network

Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio

— Uniswap Labs ? (@Uniswap) October 10, 2024

The L2 solution is created within the Superchain ecosystem by Optimism, based on the OP Stack technology stack.

According to the announcement, the block processing time will initially be 1 second, eventually reducing to 250 ms. The protocol will enable cross-chain interaction and feature a decentralized validator network.

“In practice, this means that Unichain will reduce transaction costs by approximately 95% compared to Ethereum in the short term and even more over time,” the developers stated.

The network employs a block builder created in collaboration with Flashbots, which uses a trusted execution environment (TEE). Besides increasing speed, the technology orders transactions and prevents operation failures.

“Unichain is designed as a modular blockchain. This means that options like TEE and the validator network can be expanded by integrating new powerful features aimed at further decentralization, enhancing user experience, and more,” the announcement reads.

To improve interoperability, the Uniswap team collaborated with OP Labs to implement proprietary solutions that enable message transfer between networks within a single block.

“Cross-chain liquidity will become even more significant when users have simple, intuitive interfaces to access it. Shortly after the launch of Unichain, we will introduce inter-network swapping in the UX and Uniswap wallet,” the developers announced.

Earlier, Tether Holdings, the company behind USDT, considered launching its own blockchain but abandoned the idea due to market saturation.