Uniswap (UNI) soars with news: Layer-2 on the way!

Uniswap (UNI) has challenged the market by rising with the launch of its Layer-2 network, Unichain.

Uniswap’s native token, UNI, has seen a 15 percent daily increase following the launch of its own Layer-2 network, Unichain, on October 10. The price of $UNI has increased by 25 percent in the last week and 23 percent in the last 30 days. UNI’s trading volume increased by 418 percent during the day, reaching $583.2 million. With a market cap of $5 billion, UNI has ranked 20th on CoinMarketCap.

The sharp rise in UNI came after Uniswap Labs announced the launch of its application-specific Layer-2 blockchain network, Unichain. Uniswap Labs said Unichain is designed to offer faster and cheaper transactions and improved interoperability between blockchains.

The application chain will initially feature 1-second block times, with plans to reduce block times to less than 250 milliseconds over time. Built on Optimism’s Superchain, Unichain will allow traders to access liquidity from other L2 networks on the superchain, including Coinbase’s Layer 2 Base and Synthentix’s SNAXchain.

Following the launch, the price of $UNI rose by over 17% from $7.20 on Oct. 10 to $8.46, according to Cointelegraph Markets Pro data. Onchain analytics platform CryptoQuant noted an increase in Uniswap’s network activity. The number of daily transactions rose from a low of 40 on October 9 to a high of 673 on October 10, indicating an increase of 1,582 percent.