Quick take:
- The new network was scheduled to go live on a private testnet on Thursday.
- Uniswap Labs, the developers of the decentralised exchange platform Uniswap is leading the development of the network, which is being built using the Optimism OP Stack.
- Uniswap joins a growing list of exchange platforms launching L2s on Ethereum including Coinbase with Base and OKX with X Layer.
Uniswap Labs, the organisation behind the decentralised exchange platform Uniswap has launched a layer-2 network built with Optimism OP Stack. Dubbed UniChain, Uniswap believes the new network will help it speed up transactions, increase liquidity and lower trading fees.
“People actually want things to feel instant,” Hayden Adams, the inventor of Uniswap and CEO of Uniswap Labs told CoinDesk in response to a question about what inspired the organisation to build a layer-2 network.
But Uniswap is not alone. Uniswap’s announcement follows those of other exchange platforms Coinbase and OKX. Coinbase built its own layer-2 network, Base on Ethereum and OKX launched the public mainnet for X Layer in April. Coinbase used the Optimism OP Stack, while OKX used Polygon.
UniChain was scheduled to go live on a private test network on Thursday, according to a press release.
Adams sees UniChain taking a similar path to his crypto exchange platform. With Uniswap establishing itself as a liquidity hub on the Ethereum network, he sees UniChain becoming a DeFi hub for many chains, as part of many chains forming a Superchain on Optimism.
“We think that that can ultimately lead to products and user experiences that feel more like the real world, things that don’t feel like you have to learn something entirely new to use them,” he said.
Uniswap Labs also teamed with Ethereum research and development team, Flashbots to build a slew of new features including a trusted execution environment (TEE). The company expects TEE to bring transparency to transaction ordering, building blocks between 200-250 milliseconds, according to the press release.
“Going from two seconds to 250 milliseconds for the experience that a user will have is actually extremely impactful,” Adams added.
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