Uniswap (UNI) up 10% After New Network Announcement

Uniswap's UNI token surged by 10%, reaching $8.08, after the announcement of a new layer-two network on Ethereum.

Despite the overall decline in many digital assets, UNI has emerged as a standout performer and remains within the top 25 cryptocurrencies by market capitalization.

Uniswap Labs introduced Unichain on October 10, marking a significant advancement in Ethereum’s scaling efforts. This network, built on the Optimism Superchain, employs Optimistic rollups to enhance the performance of decentralized finance (DeFi) protocols and overall user experience.

Unichain is designed to achieve block times of just one second, which minimizes latency and decreases losses from miner extracted value (MEV). Furthermore, it offers transaction costs that are about 95% lower than those on Ethereum’s Layer 1, with possibilities for even lower fees in the future.

A notable aspect of Unichain is its decentralized validation network, which bolsters security and lessens the chances of invalid blocks. The platform also facilitates efficient multi-chain swaps, ensuring quick and secure transactions across different chains. As part of the Optimism Superchain, Unichain supports native interoperability and adheres to standards like ERC-7683 for improved functionality.