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

1. Decentralized Finance Industry Observation

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

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

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

2. A trading platform has launched pre-market trading for Scroll ($SCR)

Scroll is a zkRollup solution for Ethereum Layer 2 that uses zero-knowledge proof technology to enhance Ethereum's scalability. With this technology, transaction speeds are faster, costs are lower, while ensuring security and compatibility with Ethereum remain unaffected.

The core technological breakthrough of Scroll lies in zkEVM and hardware acceleration. 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 the CPU.

The Scroll token $SCR features governance and future use cases. The total supply is 1 billion SCR, with an initial circulating supply of 190 million SCR at launch.

3. Native USDC officially launched on Sui

Native USDC has 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 access USDC liquidity and enjoy the high speed and security of the Sui network.

Sui is a Layer 1 (L1) blockchain that provides fast, secure, scalable, and low-cost infrastructure suitable for developers to build decentralized applications. As of October 2024, the Sui ecosystem has covered more than 85 applications across areas such as Decentralized Finance, gaming, decentralized infrastructure networks (DePIN), and e-commerce.

4. U.S. court did not approve the sale of Silk Road Bitcoin, panic is a misinformation.

Recently, there have been rumors that "the U.S. Supreme Court approved the sale of 69,370 Bitcoins seized from Silk Road," which led to a drop in Bitcoin prices. In fact, the Supreme Court only dismissed Battle Born Investments' lawsuit over the ownership of the Silk Road Bitcoins, confirming that these Bitcoins still belong to the U.S. government and did not approve their sale.

Nonetheless, considering the upcoming U.S. elections, current officials may sell these bitcoins before the election. Trump has stated that if elected, he would not allow the sale, so there is still a possibility for the U.S. government to sell these bitcoins before the election, but this is merely speculation, and there is no need to panic at this time.

5. Sui ecosystem related Decentralized Finance projects

The strongest area of development in the Sui ecosystem currently focuses on projects related to Decentralized Finance and Memes. The main DeFi projects include:

Lending Protocol: Navi Protocol, Suilend Protocol, Scallop Protocol Decentralized Exchange (DEX): 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, ensuring that developers can access accurate and reliable Decentralized Finance data.

7. Messari: Aptos set a new record for daily transaction volume on L1 blockchain in the second quarter of this year.

According to the Aptos Q2 status report released by Messari, Aptos has set multiple new records as an L1 blockchain. The daily average transaction volume grew by 474%, reaching 4.4 million transactions. The total value locked (TVL) in DeFi increased by 123% quarter-over-quarter, reaching 75 million APT (approximately $603 million). The daily trading volume of DEX grew by 189%, reaching $30 million.

8. An investment institution invested in ZKsync "Elastic Chain" Sophon during the token round.

Sophon is a Layer 2 network based on ZKsync, built using Matter Labs' modular open-source framework. Sophon focuses on entertainment applications such as gaming, social interaction, and artificial intelligence, aiming to promote the development of the Web3 ecosystem. This investment will accelerate ecosystem development and support innovative projects.

2. Decentralized Finance Data Dashboard

1. TVL data

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

2. Stablecoin data

The total market capitalization of stablecoins is $172.818 billion, having slightly decreased by 0.19% in the past week. USDT's market share is as high as 69.26%, while USDC accounts for 20.1%.

3. DEX Data

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

3. Decentralized Finance Radar

Uniswap has launched the Layer 2 network Unichain built on the Optimism OP Stack. This strategic release not only showcases Uniswap's ambition in expanding the Decentralized Finance ecosystem but also ignites discussions on liquidity redistribution. Unichain is expected to attract a significant amount of DeFi liquidity back to itself, functioning as a superchain architecture that can integrate liquidity from multiple chains, forming a robust ecosystem.

Due to the low execution costs and fast speeds of Unichain, an increasing number of applications and teams may choose to deploy on Unichain and its superchain architecture. The UNI token may become a key element for validating nodes in the future, significantly enhancing its status. We are optimistic about those DeFi protocols that seize the opportunity first, as they are expected to rise again with the help of Unichain.