How to view the upcoming launch of Unichain, a DeFi-dedicated layer2 by
1) dYdX based on the Cosmos IBC architecture to create an independent chain, and MakerDAO intends to get close to Solana to create an independent chain. The nature is similar, both hindered by the performance Bottleneck of the Ethereum mainnet. The Gas Limit ceiling of Ethereum determines that a block can only process thousands of transactions, and the performance of the layer2 chain, even with off-chain scaling, is limited by the processing capability of the Rollup contract on the mainnet. Therefore, dYdX and MakerDAO ultimately chose to use independent consensus chains. I have previously written an article to systematically analyze the reasons ( https://x.com/tmel0211/status/1699290789287956562)
Uniswap has been formulating an off-chain pre-processing and on-chain integration expansion plan since UniswapX, so even if it builds a chain, it will continue to maintain a deep connection with Ethereum, and there is no "defection" qualification.
The fact that Uniswap labs announced the Unichain layer2 chain based on the OP Stack shows that the problem, after all, the layer2 chain is still in line with Ethereum's Rollup-Centric grand strategy.
2) On the contrary, in my view, the layout of a layer2 chain by a project with a phenomenal application gene like Uniswap will become a catalyst to break the current bottleneck in the development of layer2.
On the one hand, Unichain is a layer2 chain dedicated to expanding DeFi, which is very beneficial to the current development of the Ethereum layer2 market for DeFi applications, because the current layer2 chains of the OP-Rollup and ZK-Rollup camps have not yet stimulated the vitality of DeFi applications.
Lending is hindered by the lack of trust in non-native Token pledges, and DEXes are constrained by the difficulty of generating synergy due to scattered liquidity and users, while derivatives have only seen the emergence of individual platforms like GMX, and the overall layer2 chain environment is not friendly to the development of the DeFi ecosystem.
The new layer2 is trying to create an independent layer2 economy with native Tokens and a decentralized Sequencer mining mechanism in order to solve the problem of insufficient driving force for the development of layer2 DeFi. However, the Tokenomics design of most layer2s is still not friendly to DeFi.
Now, the leading star Uniswap, which occupies more than 60% of the transaction volume on the Ethereum mainnet, is jumping out to create a DeFi-specific layer2 chain, which is hard not to raise expectations;
On the other hand, Unichain has chosen the OP Stack super-chain camp to do layer2 rather than a layer3 application chain. The difference is that layer3 can further customize Tokens and consensus mechanisms more independently and flexibly, but layer3 needs to rely on layer2 chains for interoperable operations and component sharing, and the current narrative is not mature enough, more suitable for some obscure and specific applications.
A giant application like Uniswap doing a layer2 chain has a larger commercial imagination space, and there is no need to be On top of other layer2s.
Of course, doing layer3 may be able to issue a new Gas Token, but doing a layer2 chain can give the $UNI Token strong governance empowerment, and will also bring vitality to the dormant layer2 market of and , and can also integrate its Uniswap Wallet, UniswapX and other series of combination products and protocols, which makes more sense than simply issuing a new Token.
3) Unichain has two core features worth special mention:
1. It will introduce a decentralized verification network, which will add an extra layer of Finality security confirmation.
This can be considered a middleware verification network similar to Eigenlayer AVS, but it is more like a Pre-Confirmation consensus network, which can provide a layer of secure consensus protection for Unichain's 1-second block generation and 250-millisecond sub-block, as well as the new introduced TEE data privacy and MEV protection mechanisms. Most importantly, the governance Token UNI will be empowered, and the participating nodes need to pledge UNI Tokens to work.
A layer1 protocol governance Token becoming a new layer2 staking and reward security consensus Token is a very unusual role transformation;
4) As for the concern of many people that the original Uniswap protocol on the Ethereum mainnet will be affected after the launch of Unichain, I personally think it will not. After all, Uniswap labs' business layout and the development of the decentralized Uniswap protocol have actually been "parallel" for a long time, even if Unichain is launched, the original Uniswap protocol will not be affected.
If there is any impact, it is only that Unichain will compete with other layer2s as a new layer2, ultimately enhancing the overall weight of the layer2 market.
Currently, with the influence of the Uniswap wallet and brand effect, Unichain's new launch will have an early-mover advantage in terms of application prosperity and user activity. If the Uniswap vortex effect is prominent in the future, it will inevitably cause most users and traffic to settle on the layer2, which will also complete the Rollup-centric strategic vision of the entire Ethereum.
As for whether the Unichain mainnet has meaning, it depends on the perspective from which it is evaluated. From a pure application perspective, @VitalikButerin is not wrong in saying it is meaningless, but from a business strategy perspective, it is well known that Uniswap's ambitions go beyond just being an application. Regardless of what is done, as long as it is within the roadmap of Ethereum, it will be mutually beneficial.
