Uniswap Launches Unichain, a Layer 2 Network Based on Optimism | Decentralized Finance Biweekly Report

1. Decentralized Finance Industry Observation

1. Uniswap Labs launched a new Layer 2 network Unichain based on Optimism technology.

Unichain is a Layer 2 network built by Uniswap Labs based on Optimism's OP Stack technology. The testnet is expected to launch on October 10, with the mainnet scheduled to be released later this year.

Unichain has introduced a Trusted Execution Environment (TEE) technology developed in collaboration with Flashbots. With TEE, block construction time can be reduced to 200-250 milliseconds, far surpassing the speeds of the Ethereum mainnet and other Layer 2 networks.

2. Binance launches Scroll ($SCR)

Scroll is an Ethereum Layer 2 zkRollup solution that uses zero-knowledge proof technology to enhance Ethereum's scalability. Scroll collaborates with the Ethereum Foundation, utilizing the Halo2 verification system, and has developed a zkEVM hardware accelerator named PipeZK, achieving a GPU zkEVM verification speed that is 10 times faster than that of a CPU.

The SCR token features governance and future use cases. The total supply is 1 billion SCR, with an initial circulation of 190 million SCR at the time of listing.

3. Native USDC officially launched on Sui

Native USDC has now been launched on the Sui mainnet, allowing developers and users to access it directly without the need for cross-chain bridging. Circle Mint and Circle API now fully support USDC on Sui, making it easier for users to obtain USDC liquidity and enjoy the speed and security of the Sui network.

Sui is a Layer 1 blockchain based on the Move programming language, providing fast, secure, scalable, and low-cost infrastructure. As of October 2024, the Sui ecosystem has covered over 85 applications.

4. U.S. court did not approve the sale of Silk Road bitcoins, panic is a false rumor

Recently, there have been rumors that "the U.S. Supreme Court approved the sale of 69,370 Bitcoins seized from Silk Road", but in reality, this is just clickbait and does not reflect the truth. The Supreme Court only dismissed Battle Born Investments' lawsuit regarding the ownership of Silk Road Bitcoins, confirming that these Bitcoins still belong to the U.S. government and did not approve their sale.

5. Sui ecosystem related Decentralized Finance projects

The Sui ecosystem is currently strongest in the areas of DeFi and Meme-related projects. Major DeFi projects include:

Lending Protocol: Navi Protocol, Suilend Protocol, Scallop Protocol Decentralized Exchanges: Cetus Protocol, Turbos Finance, DeepBook Other DeFi projects: Bucket Protocol, Bluefin, Typus Finance

6. Pyth has partnered with Uniswap to support Unichain Decentralized Finance.

Uniswap announced that its newly developed blockchain Unichain will select Pyth Network as its real-time data service provider. Pyth Network will provide Unichain with over 500 real-time price data sources, updating every 400 milliseconds to ensure developers can access accurate and reliable Decentralized Finance data.

7. Messari: Aptos set a new record for daily trading volume among L1 blockchains in the second quarter of this year.

According to the second quarter status report released by Messari, Aptos has set multiple new records as an L1 blockchain. The average daily transaction volume increased by 474%, reaching 4.4 million transactions. The total value locked (TVL) in DeFi grew by 123% quarter-on-quarter, reaching 75 million APT. The daily trading volume on DEX increased by 189%, reaching 30 million USD.

8. Binance Labs invests in ZKsync "Elastic Chain" Sophon during the token round.

Sophon is an elastic chain based on ZKsync, built on Matter Labs' modular open-source framework as a Layer 2 network. Sophon focuses on entertainment applications such as gaming, social, and artificial intelligence, aiming to promote the development of the Web3 ecosystem. The mainnet is expected to launch next month.

2. Decentralized Finance Data Dashboard

1. TVL Data

The Sui blockchain has stood out in the recent TVL (Total Value Locked) rankings, successfully entering the top ten, which demonstrates its strong growth momentum in the Decentralized Finance sector.

2. Stablecoin Data

The total market capitalization of stablecoins is $172.818 billion, with no significant changes in the past week. USDT continues to dominate, holding a market share of 69.26%. USDC accounts for 20.1%, making it the second-largest stablecoin after USDT.

3. DEX Data

In the past week, the trading volume of the decentralized exchange (DEX) has slightly declined, but Cetus's growth momentum is strong. Uniswap's 24-hour trading volume reached $1.542 billion, with a trading volume of $9.799 billion over the past 7 days. PancakeSwap's 24-hour trading volume was $1.044 billion, but this week it fell by -23.92%. Cetus's growth momentum is strong, rising by 64.20% this week, with a 24-hour trading volume of $161 million.

Three, Decentralized Finance Radar

Uniswap has launched the Layer 2 network Unichain built on the Optimism OP Stack, and this strategic release showcases Uniswap's ambition in expanding the Decentralized Finance ecosystem. Unichain is expected to attract a significant amount of DeFi liquidity back to itself, as a superchain architecture capable of integrating the liquidity of Coinbase's Base, Synthetix's SNXchain, and the Optimism chain itself.

Due to Unichain's low execution costs and fast speeds, an increasing number of applications and teams may choose to deploy on Unichain and its superchain architecture. The UNI token may become a treasure in this process, and after becoming a key element for validation nodes, its status will significantly enhance.

We are optimistic about those DeFi protocols that seize the opportunity to "take the first bite of the crab"; they are expected to make a comeback with the help of Unichain.