UNI token surged 19.21%, hitting a 3-month high after the launch of Uniswap’s L2 network, Unichain.
Unichain is created to enhance Ethereum’s transaction speeds and lower fees.
The governance token of the Uniswap decentralized exchange has surpassed the global crypto market by recording the highest gains on October 11. According to the CMC, UNI has climbed 19.21% over the past 37 hours following the launch of its layer-2 network, Unichain. The price of UNI rose from a low of $7.08 to a high of $8.44, a level last seen in mid-July. This represents a 28% increase over the last week and a 23% rise over the past 30 days.
UNI Price Chart (Source: CMC )
At the time of writing, UNI traded at $8.16, retracing slightly but still up around 6% in the last 24 hours. Additionally, the daily trading volume of UNI jumped by more than 288%, reaching $736 million. With a market cap of $4.88 billion, UNI has secured the 21st position on CoinMarketCap. This reflects strong investor interest amid these developments.
Can Unichain Address Scalability and High Fees in DeFi?
Uniswap Labs has officially introduced Unichain, a layer-2 blockchain network set to enhance the Ethereum ecosystem. As built upon the Optimism Superchain, Unichain aims to provide faster and more affordable transactions. It addresses common challenges such as scalability, high transaction times, and steep fees that have affected decentralized finance (DeFi) applications on Ethereum.
The launch of Unichain also seeks to solve liquidity fragmentation issues, as tokens are often dispersed across various layer-2 networks that struggle to interact seamlessly. By leveraging Optimism’s infrastructure, Unichain aims to create a more integrated DeFi environment.
Additionally, the new network has pledged to improve transaction speeds and reduce gas fees compared to Ethereum’s mainnet. This will enhance accessibility for users. Unichain’s private test network is expected to go live soon. This marks an exciting chapter for Uniswap and its community as they embark on this innovative journey.
Highlighted Crypto News
Bitnomial Sues SEC Over XRP’s Classification as a Security
