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 (UNI) price soared on October 11 following the launch of Unichain, a Layer-2 network for the decentralized exchange (DEX).

UNI price increased by 15% in the last 24 hours following the launch of Unichain on October 10. The price of UNI has risen by 25% in the last seven days and 23% in the last 30 days. UNI’s trading volume increased over the last 24 hours, reaching $583.2 million, a 418 percent increase from the previous day. With a market cap of $5 billion, UNI is ranked 20th on CoinMarketCap at the time of writing.

The surge in UNI price comes after Uniswap Labs announced the launch of Unichain, an application-specific Layer-2 blockchain network for the DEX. According to Uniswap Labs, 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 Synthetix’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 a surge 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.