Uniswap Labs, the developer behind the popular decentralized crypto exchange Uniswap, has announced the creation of a new layer-2 network, set to launch on testnet Thursday.
This new project was developed using Optimism’s OP Stack, a blockchain framework also utilized by Coinbase and Sony to launch layer-2 networks.
The primary developer of Uniswap is planning to introduce its own blockchain as a layer-2 network on top of Ethereum, aiming to enhance transaction speed, reduce costs, and enhance liquidity.
The new network, named Unichain, is scheduled to go live on a private test network on Thursday, according to a press release.
Unichain is being developed by Uniswap Labs, leveraging technology from Optimism’s OP Stack. This will integrate Unichain into the Superchain, a group of Optimism-affiliated networks that includes Coinbase’s Base layer-2 blockchain.
“People expect instant results,” said Hayden Adams, the creator of Uniswap and CEO of Uniswap Labs, in an interview with CoinDesk, discussing the motivation behind the project.
The trend of major crypto exchanges launching their own layer-2 networks has been gaining momentum in the Ethereum scaling sector. Coinbase introduced Base using OP Stack, while OKX launched X Layer, based on technology from Polygon.
Another Layer-2 Solution Emerges
Over the past year, layer-2 networks have become increasingly prevalent, leading to concerns about fatigue and fragmentation in the industry. Some experts predict the proliferation of thousands of layer-2 networks in the future, with teams already developing layer 3 solutions.
Adams believes that the fatigue stems from a lack of focus on developing use cases for infrastructure. He sees Unichain as a potential DeFi hub for multiple chains within Optimism’s Superchain ecosystem.
“We believe this can lead to user experiences that are more intuitive and familiar, without the need to learn entirely new systems,” Adams explained.
Technical Insights
Uniswap Labs plans to introduce innovative features to Unichain, in collaboration with Ethereum’s Flashbots research and development team. This includes a trusted execution environment for block building, secure computing to prevent tampering, and a community validation network.
The TEE is expected to improve transaction transparency and reduce block building time to 250 milliseconds, significantly faster than current Ethereum mainnet speeds. This could also minimize opportunities for MEV exploitation by trading bots.
The community validation network, set to launch in 2025, aims to enhance decentralization by allowing full nodes to verify blocks by staking UNI tokens.
These advancements are crucial in enhancing transaction finality and reducing financial risks for users interacting with the network.
For more information: Optimism Pushes for ‘Interoperability’ Between Affiliated Blockchains