Uniswap debuts Ethereum L2 Unichain, UNI token surges 13%

Uniswap's native governance token UNI up 13% to $8.13 after Uniswap Labs Unichain debutedits new ethereum layer 2 solution. UNI is now trading above $8, up about 12% in the last 24 hours, according to CoinGecko data.

Developed on the OP Stack, Unichain aims to address key challenges facing the ethereum ecosystem such as high gas fees, suboptimal execution quality, and fragmented liquidity, the team shared in a technical document.

Unichain will leverage Optimism Superchain to facilitate better access to liquidity and decentralization across multiple Layer 2 networks.

“This is a labor of love based on 6 years of design and construction in the DeFi space. “We believe what we are building will be the best home for DeFi,” Hayden Adams, CEO of Uniswap Labs, x.com/haydenzadams/status/1844363698485198899?s=46&t=BGzjaFoUdNqzzzV3SMqmyA” rel=”noopener nofollow noreferrer”>voiced their enthusiasm for 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 the approach helps mitigate the risk of maximum extractable value (MEV) leakage and provides users with a more predictable and fair transaction experience.

Unichain also incorporates a trustless rollback protection mechanism to strengthen its security. This feature ensures that users do not pay for failed or unsuccessful transactions.

In addition to verifiable block creation, the new optimistic solution integrates Flashbots' Rollup-Boost technology to enable faster block times and reduced latency.

Future plans

The platform is set to initially support versions V2 and V3 of the Uniswap protocol, with a preview of V4 expected by the end of the year.

The team also hinted at possible extensions to the Unichain Validators Network (UVN) in the future to improve the security and fairness of the rollup sequencing process. Uniswap Labs wants to make Unichain the “best place to access DeFi through rollups.”

“The Internet of value cannot operate on a single chain. ethereum's rollup-focused roadmap aims to scale by having many L2 chains that seamlessly interact with each other. “We are excited about this vision and intend to accelerate it,” Adams said. “Unichain will be licensed by MIT and we hope others will adopt our technology.”