The UniSwap crypto project team announced Unichain, an Ethereum Layer-2 scaling network.
UniSwap is a popular decentralised crypto exchange (DeFi protocol), known for its highly decentralised ecosystem where crypto traders can trade their crypto assets directly by connecting network crypto wallets. To date, the UniSwap platform supports transactions across 10 different blockchain networks.
Recently, Uniswap Labs, the developer team behind the UniSwap crypto exchange, announced Unichain, relying on the tech infrastructure from Ethereum Layer-2 Optimism’s OP Stack and block builder Flashbots. UniSwap’s token, UNI, will be used or staked to validate Unichain transactions and earn part of the network’s sequencer fees.
Currently, the testnet version of Unichain is live, where people can trade testnet tokens to determine if any new necessary changes are needed or if there are any issues to resolve.
With Unichain, the UniSwap leaders aim to provide better cost-efficient transaction speeds and also allow people to participate in the UniSwap ecosystem through a better and more incentivized environment. It is expected that transaction costs will reduce by 95% in the UniSwap crypto ecosystem.
It is worth noting that while UniSwap exchange has maintained over 46% of the market share, its dominance has been eroded by emerging DEXs.
UNI price token
The current trade price of UNI token, the native token of the UniSwap crypto exchange, is $7.75, and this price is down 3.35% over the last 24-hour period.
Some experts noted that despite such positive news surrounding the UniSwap crypto exchange, there is very little chance for a strong rally in the next phase of the bull market, because of legal hurdles.
Recently the US CFTC body argued that UniSwap offered leveraged or margin retail commodity transactions in digital assets via a decentralised digital asset trading protocol.
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