Uniswap Facilitates Seamless Cross-Chain Bridging with Across Protocol
Uniswap made an exciting announcement on October 23, revealing the launch of its cross-chain bridge. This development is a significant milestone in Uniswap’s mission to enable effortless cross-chain swaps. With this new feature, users can now conduct cross-chain transactions directly from the Uniswap Interface and Wallet, streamlining the previously complicated process of transferring assets between different blockchains.
The introduction of this functionality is a response to the growing demand from Uniswap’s expanding user base. It simplifies what was once a complex and time-consuming task, enhancing the overall experience for users. Prior to this launch, users had to rely on external services, navigate through different interfaces, and endure long transaction times to bridge assets. However, with Uniswap’s new in-app solution powered by the permissionless Across Protocol, users can now complete cross-chain transactions without these additional steps.
The Across Protocol operates through a decentralized network of liquidity pools and relayers, enabling transactions to be settled within seconds. This offers a more reliable and secure alternative to traditional bridges, which often come with higher risks and longer wait times. During its initial release, Uniswap’s in-app bridging will support nine blockchain networks, including Ethereum, Base, Arbitrum, Polygon, OP Mainnet, Zora, Blast, World Chain, and ZKsync. Users can bridge various native assets, such as ETH on Ethereum and ARB on Arbitrum, as well as stablecoins like USDC.
Uniswap Labs Introduces Unichain Testnet, Driving Market Activity Amid Scams
On October 10, Uniswap Labs unveiled its application-specific layer-2 blockchain network called Unichain, which is currently in testnet. This new blockchain aims to provide faster and more cost-effective transactions while enhancing interoperability among different blockchain networks.
Unichain is part of Optimism’s Superchain, a network of interoperable layer-2 scaling solutions that leverage Optimism’s technology. Initially, Unichain will feature one-second block times, with plans to reduce this to under 250 milliseconds to offer near-instant transaction experiences. Traders on Unichain will benefit from liquidity access across other layer-2 networks within Optimism’s Superchain.
Following this announcement, Uniswap’s governance token, UNI, experienced increased market activity. On the same day, the price of UNI rose by 15%, reaching a trading volume of $583.2 million, a significant 418% increase. Market data from CryptoQuant also indicates a surge in Uniswap’s network activity, with daily transactions climbing from 40 on October 9 to 673 on October 10, marking an astonishing 1,582% increase. Additionally, active addresses rose by 587%, highlighting the growing adoption within the Uniswap ecosystem and the increased demand for UNI tokens.
However, amidst the excitement surrounding Unichain, scammers have also emerged. A fraudulent website, initially located at unlchalindefi[.]com, falsely claimed to be the official site for the new network. This deceptive site was designed to steal users’ cryptocurrency, as warned by MetaMask. It emphasizes the importance of exercising caution and vigilance in light of Uniswap’s launch.
