Uniswap launches a new Layer 2 network Unichain based on Optimism technology

DeFi Industry Observation

1. Uniswap Labs launches Unichain

Unichain is a Layer 2 network launched by Uniswap Labs, built on the OP Stack technology based on Optimism. The testnet is expected to go live on October 10, with the mainnet launching later this year.

Unichain has introduced a trusted execution environment ( TEE ) technology developed in collaboration with Flashbots. With TEE, block construction time can be shortened to 200-250 milliseconds, far exceeding the speed of the Ethereum mainnet and other Layer 2 networks.

2. Scroll token listed on a certain trading platform

Scroll is an Ethereum Layer 2 zkRollup solution that employs zero-knowledge proof technology to enhance Ethereum's scalability. Its core technological breakthrough 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 a CPU.

The functions of Scroll token SCR include:

1. Governance: Users holding SCR tokens can vote on the development of the Scroll protocol, and the governance function will be activated on the first day of launch.
2. Future Use: SCR will be used in the future as a token for decentralized validators and sorters. In addition, it will also be used for innovative coordination in a multi-chain world, staking, gasless transactions, and incentive mechanisms.

Issue data:

• Total Supply: 1 billion SCR
• Initial circulation at listing: 190 million SCR(, 19% of the total supply of )
• Allocation by a trading platform: 5.5% of the total supply of 55 million SCR( )
• Airdrop allocation: 15% of total supply

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 high speed and security of the Sui network.

Sui is a Layer 1 blockchain that provides fast, secure, scalable, and low-cost infrastructure suitable for developers to build decentralized applications. Sui is the first blockchain based on the Move programming language, supporting native USDC. As of October 2024, the Sui ecosystem has covered over 85 applications in fields such as DeFi, gaming, decentralized infrastructure networks ( DePIN ), and e-commerce.

4. The U.S. court has not approved the sale of Silk Road Bitcoin, panic is a false rumor.

Recently, there have been rumors that "the U.S. Supreme Court has approved the sale of 69,370 Bitcoins seized from the Silk Road," leading to a drop in Bitcoin prices. This news is actually not true.

The Supreme Court only rejected Battle Born Investments' lawsuit regarding the ownership of Silk Road bitcoins, confirming that these bitcoins still belong to the U.S. government and do not permit their sale. In other words, the U.S. government still controls the ownership of these bitcoins, but the media misinterpreted it as "allowing sale."

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

5. Sui ecosystem related DeFi projects

The strongest area of development in the Sui ecosystem currently focuses on DeFi and Meme-related projects, with the main DeFi projects including:

Lending Agreement:

• Navi Protocol: The lending protocol on Sui with the highest TVL, exceeding 350 million USD.
• Suilend Protocol: developed by the Solend team on Solana.
• Scallop Protocol: Sui native lending platform, TVL exceeds 150 million USD.

Decentralized Exchange ( DEX ):

• Cetus Protocol: The DEX with the highest trading volume and TVL on Sui.
• Turbos Finance: TVL is growing rapidly, supporting a large number of meme token transactions.
• DeepBook: Narwhal and Bullshark engine architecture based on Sui.

Other DeFi projects:

• Bucket Protocol: a decentralized stablecoin project.
• Bluefin: The top-ranked derivatives trading platform on Sui.
• Typus Finance: Derivatives infrastructure of the Sui ecosystem.

6. Pyth has partnered with Uniswap to support Unichain DeFi.

Uniswap announced that its newly developed blockchain Unichain will choose 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 DeFi data.

7. Messari: Aptos set a new record for daily transaction volume for L1 blockchains in Q2 of this year.

According to the second quarter status report released by Messari, Aptos set multiple new records as an L1 blockchain:

• Daily trading volume: increased by 474%, reaching 4.4 million transactions.
• Total value locked in DeFi ( TVL ): quarterly growth of 123%, reaching 75 million APT (, approximately 603 million USD ).
• DEX daily trading volume: increased by 189%, reaching 30 million dollars.

8. The investment department of a certain trading platform invests in ZKsync "Elastic Chain" Sophon.

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 networking, and artificial intelligence, aiming to drive the development of the Web3 ecosystem. Sophon utilizes ZK Stack technology to achieve gas-free native account abstraction, and the zkEVM codebase based on zkSync has shown excellent performance in multiple tests. As a project incubated by Merit Circle, Sophon is gradually becoming the preferred platform for developers and users, with the mainnet expected to launch next month.

DeFi Data Dashboard

1. TVL data

Blockchain TVL ranking shuffle, Sui strongly enters the top ten. Sui blockchain has emerged in the recent TVL( total locked value) ranking, successfully breaking into the top ten, demonstrating its strong growth momentum in the DeFi sector.

2. Stablecoin Data

The total market capitalization of stablecoins is $172.818 billion, with no significant changes over the past week. USDT(Tether) still dominates, holding a market share of 69.26%. Following closely is USDC, which accounts for 20.1%.

3. DEX data

In the past week, the trading volume of the decentralized exchange (DEX) has slightly declined, but Cetus shows strong growth momentum. Uniswap's 24-hour trading volume reached $1.542 billion, with a trading volume of $9.799 billion over the past 7 days, but its market performance this week has slightly decreased by -1.81%. A certain trading platform had a 24-hour trading volume of $1.044 billion, but this week it fell by -23.92%. In contrast, Cetus has shown strong growth momentum, rising by 64.20% this week, with a 24-hour trading volume of $161 million.

Signal DeFi 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 DeFi ecosystem but also sparks discussions on liquidity redistribution.

Unichain is expected to attract a significant amount of DeFi liquidity back to itself. As a Layer 2 architecture, Unichain can integrate the liquidity of Coinbase's Base, Synthetix's SNXchain, and Optimism chain itself, thereby forming a powerful ecosystem. The total locked value (TVL) of the Layer 2 is expected to reach the level of tens of billions of dollars, bringing numerous opportunities for DeFi strategy teams and market makers.

Due to the low execution costs and fast speeds of Unichain, more and more applications and teams may choose to deploy on Unichain and its superchain architecture, including payment systems. With the implementation of Unichain, we can expect to see more large projects with real revenue being deployed here, and it is even possible that more than 3 unicorn companies will emerge.

The UNI token may become a key element for validator nodes in the future, significantly elevating its status to an existence that surpasses public chain tokens. While everyone is focusing on the Restaking of Ethereum ETH, many institutions have already begun to lay out UNI nodes, bringing numerous opportunities to the UNI Liquid Staking / Restaking market. The current market capitalization of UNI is 4.836 billion USD, and the resulting TVL and yield opportunities will continue to increase.

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