Decentralized Exchange (DEX) Uniswap has announced the launch of a permissionless chain bridge. This offering is one of the latest products from the protocol to help drive the growing interoperability agenda. With the permissionless chain bridge, Uniswap said users can now connect to nine different chains.
Uniswap Is Building on the Unichain Momemtum
Despite enjoying the first mover advantage in the DEX world, the trading platform has continued to prove itself with new product launches. Specificaly, the DEX platform said it aims to solve the challenges that comes with users accessing multiple protocols with fragmented interfaces.
With the new permissionless chain bridge, users can access core Ethereum layer-2 protocols like Optimism and Base. The exchange said the new product is powered by Across Protocol and it forms its vision for future cross-chain swaps.
As Uniswap noted, the Across Protocol will give the new bridge a competitive advantage. The protocol “is a permissionless bridge that operates through a decentralized network of liquidity pools and relayers.” With this model, it can guarantee a “fast, secure bridging that settles in seconds, not minutes.”
Long before now, Uniswap has held onto the ideology that the future of blockchain is multichain. In order to create a direct means to power this future, the exchange floated its own layer-2 scaling solution Unichain. As revealed earlier this month, the Unichain testnet is live as the exchange planned to test out building DApps that can truly scale.
Since blockchain innovators are known to synchronize their innovations, the Unichain L2 might integrate the permissionless chain bridge soon.
What Does This New Product Mean For UNI?
Uniswap has remained in the spotlight throughout the year for different reasons. Earlier, the United States Securities and Exchange Commission (SEC) sent the trading platform a Wells Notice, alleging it is trading securities.
The protocol planned to fight any potential lawsuit from the exchange and it has continued to innovate despite this seeming setback. The resilience of the exchange has helped bolster the price of UNI, its native token.
As of writing, UNI price was pegged at $7.662, down by 4.22% in 24 hours. This price level ranged from a low of $7.634 to a high of $8.096 within this time span. With the new permissionless bridge, UNI might start getting more attention and possible buyup that can drive its price.
Per an earlier UNI price analysis, the prospect of the token touching $20 came into focus. This underscores how feasible it can soar to $10 in the mid-term.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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