Leading Ethereum decentralized exchange Uniswap announced plans Thursday to launch its own layer-2 network called Unichain, which will be built on Optimism tech. Uniswap Labs framed the move as one to cut costs, improve transaction speeds, and boost liquidity across various chains.

“After years of building and scaling DeFi products, we’ve seen where blockchains need improvement and what’s required to continue advancing Ethereum’s roadmap,” said Uniswap Labs CEO Hayden Adams, in a release. “Unichain will deliver the speed and cost savings already enabled by L2s, but with better access to liquidity across chains and more decentralization.”

Editor's note: This story is breaking and will be updated with additional detail.

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