Uniswap's independent chain plan cannot be considered a defection; rather, it serves as a catalyst for boosting Ethereum Layer 2.
Written by: Haotian
How should we view @Uniswap's upcoming DeFi-specific layer 2—Unichain? I see a lot of public outcry, and it has been interpreted as a leading DeFi application "defecting" from Ethereum. Previously, when dYdX created an independent application chain and MakerDAO referred to its Endgame as NewChain, it also sparked heated discussions.
In fact, Uniswap's independent chain plan cannot be considered a defection; instead, it is a catalyst for boosting Ethereum Layer 2. Why? Let me share my thoughts:
1) dYdX built an independent chain based on the Cosmos IBC architecture, and MakerDAO aimed to get closer to Solana with its independent chain, both of which are hindered by the performance bottleneck of Ethereum's main chain. The gas limit on Ethereum determines that a block can only handle a little over a thousand transactions, and even if Layer 2 chains have off-chain expansions, they are still limited by the rollup contract processing capacity of the mainnet. Therefore, both dYdX and MakerDAO ultimately chose independent consensus chains. I have previously analyzed the reasons in a systematic article.
Uniswap has established an off-chain preprocessing and on-chain integration expansion plan since UniswapX, so even if it creates a chain, it will continue to maintain a deep connection with Ethereum, and there is no qualitative "defection."
The announcement by Uniswap Labs to create the Unichain Layer 2 based on the OP Stack illustrates this point, as Layer 2 chains still align with Ethereum's Rollup-Centric overarching strategy.
2) On the contrary, in my view, Uniswap, a project with a phenomenal application gene, laying out a Layer 2 chain will become a catalyst to break the current development dilemma of Layer 2.
On one hand, Unichain is a Layer 2 chain specifically designed for expanding DeFi, which will greatly benefit the current development of DeFi in the Ethereum Layer 2 market, as neither the OP-Rollup nor the ZK-Rollup camps have activated the vitality of DeFi applications.
Lending is hindered by trust issues due to non-native token staking, DEXs are troubled by liquidity and user dispersion, making it difficult to generate synergy, and derivatives have only seen the emergence of a few platforms like GMX. Overall, the Layer 2 chain environment is not friendly to the development of the DeFi ecosystem.
The emerging Layer 2 @MetisL2 attempts to create an independent economic entity for Layer 2 using native tokens and a decentralized sequencer mining mechanism, precisely to address the insufficient development momentum of Layer 2 DeFi. However, most Layer 2 tokenomics designs remain unfriendly to DeFi.
Now, a leading player like Uniswap, which accounts for over 60% of Ethereum's mainnet transaction volume, is stepping up to create a DeFi-specific Layer 2 chain, making it hard not to have high expectations.
On the other hand, Unichain has chosen the OP Stack superchain camp for its Layer 2 rather than a Layer 3 application chain. The difference is that Layer 3 can further customize tokens and have a more independent and flexible consensus mechanism, but Layer 3 relies on Layer 2 chains for interactive operations and component sharing. Currently, the narrative is not mature enough and is more suitable for niche and specific applications.
A giant application like Uniswap creating a Layer 2 chain has greater commercial imagination space, making it unnecessary to build on top of other Layer 2s.
Of course, creating a Layer 3 might allow for the issuance of a new gas token, but building a Layer 2 chain can empower the $UNI token with strong governance capabilities, while also bringing vitality to the dormant Layer 2 markets like @arbitrum and @Starknet, and integrating a series of products and protocols like Uniswap Wallet and UniswapX. It seems far more meaningful than simply issuing a new token.
3) Unichain has two core features worth highlighting:
- It will introduce a decentralized verification network, adding an extra layer of finality security confirmation.
This can be seen as a middleware verification network similar to Eigenlayer AVS, but it resembles a pre-confirmation consensus network that can provide a layer of security consensus protection for Unichain's 1-second block time and 250-millisecond sub-blocks, as well as the newly introduced TEE data privacy and MEV protection mechanisms. Most importantly, the governance token UNI will be empowered, and nodes participating in verification will need to stake UNI tokens to operate.
A Layer 1 protocol governance token will become a new Layer 2 staking and reward security consensus token, marking a significant role transformation.
- It will introduce the upgrade content of the ERC7683 proposal, which proposes a "cross-chain intent" standard, providing a universal interface for cross-chain transaction execution systems.
In simple terms, it defines the standard for cross-chain order information, including who wants to trade, what is being traded, and the transaction deadline, allowing different chains to collaborate to process the same order after unifying the framework.
Clearly, Unichain aims to make significant strides in cross-chain operability, leveraging Uniswap's vast user base and liquidity siphoning effect, which will undoubtedly attract a large number of DeFi applications. If Unichain successfully attracts a substantial application ecosystem, it will not be too late to evaluate whether Layer 2 rollups will be disproven.
4) As for the concerns many have about whether the original Uniswap protocol on the Ethereum mainnet will be affected after Unichain goes live, I personally believe it will not. After all, the business layout that Uniswap Labs aims to achieve and the development of the Uniswap open-source decentralized protocol have long been "parallel." Even with the launch of Unichain, the original Uniswap protocol will not be affected.
If there is any impact, it is that Unichain will compete with other Layer 2s as a new Layer 2, ultimately boosting the overall weight of the Layer 2 market.
Currently, Unichain, leveraging the influence of the Uniswap wallet and brand effect, will have a first-mover advantage in terms of application prosperity and user activity. If the siphoning effect of Uniswap becomes prominent, it will inevitably lead to most users and traffic settling on Layer 2, which also fulfills the overall Rollup-centric strategic vision of Ethereum.
That's all.
Finally, I want to emphasize that Uniswap Labs' move to create a chain is undoubtedly a significant benefit for the Ethereum ecosystem, and I particularly look forward to its role as a disruptor in the Layer 2 market, creating a "catfish" effect.
As for whether the Unichain has significance, it depends on the perspective from which it is judged. From a purely application perspective, @VitalikButerin is not wrong in saying it is meaningless, but from a business strategy perspective, it is well known that Uniswap's ambition goes beyond merely being an application. Whatever it does, as long as it aligns with Ethereum's roadmap, it will be mutually beneficial.
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