The launch of Unichain, a long-awaited layer-2 network by Uniswap, has sent shockwaves through the crypto market, causing the value of UNI token to surge by 4.5% and community engagement to skyrocket with a 30% increase in social media posts.
The launch of Unichain, Uniswap’s long-awaited layer-2 network, has seen the price of the decentralized exchange’s governance token UNI rise by around 4.5% to around $9.7.
Unichain is a blockchain-based supply chain management platform that aims to increase transparency and efficiency in global trade.
It uses blockchain technology to track goods from production to delivery, reducing the risk of counterfeiting and enabling real-time inventory tracking.
Unichain's platform also includes features such as smart contracts and digital identity verification.
According to a report by MarketsandMarkets, the supply chain management market is expected to reach $15.4 billion by 2025, growing at a CAGR of 10.4%.
Unichain's innovative approach has gained attention from major companies in the industry.
UNI Price Rises but Fails to Break Through $10 Mark
Although UNI‘s price rose, sentiment surrounding UNI remained positive amid a 30% increase in social media posts. The cryptocurrency is down around 0.3% in the past 24 hours, with UNI outperforming “bitcoin” in the short period since the launch of the layer-2 network.
Uni Token is a cryptocurrency native to the UniSwap decentralized exchange.
It serves as the governance token, allowing holders to vote on proposals and participate in decision-making processes.
Uni Token was launched in September 2020 and has since become one of the largest DeFi tokens by market capitalization.
The token's value is pegged to the Ethereum network and can be used for trading fees, liquidity provision, and governance voting.
Social Media Sentiment Remains Positive
Sentiment surrounding the token has remained positive since the launch, with the number of posts on X rising by roughly 30% to over 1,400. Roughly 41% of those being positive and 48% having a neutral tone, data from “TheTie” shows.
Unichain’s Promising Future
A Unichain block explorer shows the network already has 15,000 active wallets and has processed nearly 100,000 transactions hours into its first day. “Hayden Adams,” CEO of Uniswap Labs, pointed to a promising future in which the protocol will launch “many new improvements to accelerate blockchain scaling.”
Unichain is a decentralized, open-source blockchain platform designed for high-performance applications.
It utilizes a novel consensus algorithm called 'Proof of Capacity' (PoC), which allows for faster transaction processing and lower energy consumption compared to traditional Proof of Work (PoW) algorithms.
Unichain's performance is further enhanced by its use of a sharding mechanism, dividing the network into smaller segments to increase scalability and reduce latency.
These include reducing block times, allowing most maximal extractable value (MEV) to be returned to users, an additional layer of economic security, and seamless interoperability for Unichain. “Adams” also highlighted the network’s capabilities, stating that it processed ~100M transactions in just four months of testnet and is now live with 80+ projects already building on top.
