Uniswap Labs, the entity behind the popular decentralized finance (DeFi) protocol, announced the launch of its new layer 2 blockchain, Unichain, on Thursday. The company claims that this new blockchain will significantly accelerate transaction times on its decentralized exchange.
“Unichain will initially feature one-second block times, with future optimizations aimed at achieving 200–250 milliseconds per block. This will create a near-instant transaction experience for users,” stated Uniswap Labs.
Layer 2 blockchains, commonly referred to as L2s, have gained traction in recent years, with notable examples including Arbitrum and Coinbase‘s Base. These blockchains compile transactions and batch them onto the main Ethereum network, reducing fees and alleviating congestion-related delays.
The launch of Unichain is particularly noteworthy, as Uniswap is the leading open-source protocol in the DeFi space, functioning similarly to SMTP for email. In this analogy, Unichain represents a client like Gmail, built on the foundational open protocol.
In an interview with Fortune, Uniswap Labs COO Mary-Catherine Lader emphasized that Unichain aims to streamline the DeFi user experience while enhancing liquidity across the industry. With a background in finance at BlackRock and Goldman Sachs, Lader envisions a future where DeFi tools gain broader acceptance within traditional finance.
Lader explained that Uniswap Labs adhered to the principle that exceptional software requires robust hardware. The company’s philosophy centers on balancing the core tenets of speed, cost-efficiency, and decentralization. Unichain is built on Optimism’s layer 2 technology, which is also utilized by other platforms like Base.
Uniswap was founded in 2018 by self-taught programmer Hayden Adams, who has since released two additional versions of the protocol. In late 2022, Uniswap Labs secured $165 million in a Series B funding round, valuing the company at approximately the same figure.
The development of Unichain was aided by DeFi research organizations Flashbots and OP Labs, further underscoring the collaborative nature of the evolving blockchain landscape.
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