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Renowned decentralized exchange Uniswap has lately been stirring waves with new developments. On Wednesday, the Uniswap team revealed plans to launch a permissionless chain bridge to connect to multiple blockchain networks.
The new bridge will allow DEX users to transfer crypto across nine chains. In an October 23 blog post, Uniswap Labs confessed that in-app bridging has been in high demand lately, forcing the DEX platform to invest in developing a unique bridge that aligns with the company’s cross-swap agenda.
Why is UNI Price Up Today?
For years, the Uniswap team has been seeking to address transaction challenges in the crypto industry. They realized that long transaction times and bridging concerns made the crypto sector unfriendly. However, with the collaboration with Across Protocol (ACX), the DEX platform believes that over 6 million users will have access to cross-chain swaps.
Through its partnership with ACX, the DEX platform anticipates that the new bridge will gain a competitive advantage since it is permissionless. The new bridge will be connected to decentralized pools of liquidity and relayers.
This implies the new bridge will offer fast, reliable, and convenient crypto transactions on Ethereum, Polygon, Arbitrum, Optimism, Blast, and others. The launching of the new bridge demonstrates the DEX platform’s commitment to reshaping the future of the decentralized finance sector.
How Will Uniswap’s New Bridge Enhance Cross-Chain Swaps
The DEX platform launched a testnet for Ethereum Layer 2 called Unichain early this month. The DEX platform confirmed that the Unichain mainnet will be available before the end of the year. This development aims to improve transaction speed and cross-chain interoperability potential.
Despite the DEX platform emerging as a leading innovator in blockchain technology, the DEX has been on the regulator’s watch. In April, the US Securities and Exchange Commission (SEC) issued a Well Notice accusing the DEX platform of offering unregistered securities.
The DEX platform vowed to challenge the SEC in court to clarify that the products offered were not securities. Despite the ongoing legal charges, the Uniswap native token UNI has demonstrated its readiness for the Uptober rally.
At 0918 (UTC), UNI rose 4% to trade above $8.07. The intraday gains were accompanied by a 4.83% UNI market capitalization, hitting $4.83 billion. The impressive surge demonstrates the possibility of the ongoing buyup pushing the UNI price to $10.
Conclusion
Launching Uniswap’s new bridge demonstrates the need for the DEX platform to address crypto transaction speed and bridging challenges. The new bridge and the recently launched Ethereum L2 Unichain align with the DEX long-term objective of boosting cross-chain swaps.
The ongoing development within the Uniswap ecosystem demonstrates the need for regulators to provide clear rules to support the growth of crypto and blockchain technologies.
The DEX platform is among the companies that are challenging the SEC enforcement action on digital assets. For more updates on how Uniswap will fight SEC in court, follow the TurkishNY Radio on Tumblr, Telegram, and LinkedIn.
