UNI, the native token of Uniswap, saw a significant surge of over 12% amidst a stagnant crypto market on Thursday. The decentralized exchange (DEX) project unveiled a new Ethereum (ETH) layer-2 project named “Unichain.”
According to Uniswap Labs, Unichain aims to enhance decentralized finance (DeFi) and liquidity across different chains by leveraging and accelerating Ethereum’s scaling roadmap. This new project is expected to reduce transaction costs by approximately 95% compared to Ethereum L1 in the short term, with further reductions over time.
Hayden Adams, the CEO of Uniswap Labs, highlighted that Unichain is the culmination of six years of experience in designing and building within the DeFi space. He emphasized the key features of Unichain, such as a fast, provable block builder for instant transactions, a decentralized network of validators for added security, and a focus on user experience and cross-chain interoperability.
As of now, UNI is trading at $8.12, up from $7.15 a day ago. The crypto asset is also showing a significant increase of over 23% in the past week.
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Featured Image: Shutterstock/Keith Tarrier
