Monat: Oktober 2024

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Uniswap unveils own layer-2 network Unichain, UNI price soars 11%

  • Uniswap has launched its own layer-2 network called Unichain.
  • The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs and boost liquidity.
  • UNI token’s price surged to $8.14, its highest level in over two months

Uniswap, a leading decentralized exchange platform, has announced a major development for its network and ecosystem. The news helped Uniswap’s native token UNI to soar double digits on Thursday.

On Oct. 10, the Uniswap team revealed that the DEX platform was looking to launch its own layer-2 network on Ethereum. The L2, dubbed Unichain, is earmarked for DeFi.

Per the Uniswap Labs announcement, its a solution to transaction speed and costs for the exchange’s users. Also key to the launch is the question of liquidity.

Unichain is powered by Optimism’s OP stack and offers 1 second block times. Sub-block times of 200-250 milliseconds is also part of the development.

“This type of speed isn’t just great for UX, it also improves market efficiency and lowers value lost to MEV,” Uniswap Labs wrote on X.

Uniswap has partnered with OP Labs for native interoperability, with this enabling implementation of cross-chain messaging and cross-chain liquidity. The platforms plan to bolster the ecosystem’s connectivity with cross-chain swapping across the Uniswap interface and wallet.

According to details in today’s announcement, the Unichain testnet is live, while the mainnet will go live later in Q4, 2024.

UNI price soars 11%

Native Uniswap DEX token UNI is among the top gainers in the crypto market. This follows a price explosion for the cryptocurrency after the news emerged.

With most altcoins down on the day or struggling for upside, UNI spiked more than 11% to hit highs last seen in July 2024. The token’s surge to the multi-month high of $8.14 saw Uniswap rank as the top performing coin among top 100 coins by market cap.

UNI traded around $8.05 at the time of writing, still up by more than 9%.

The post Uniswap unveils own layer-2 network Unichain, UNI price soars 11% appeared first on CoinJournal.

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Ripple launches crypto custody solution for banks

  • Ripple has unveiled new features for its custody solution for banks and fintechs.
  • The company is looking to tap into the growing tokenization and RWA market.

Ripple has launched new features that bring digital asset custody to banks and fintechs, the blockchain company announced on Oct. 10.

According to the announcement, the company’s Ripple Custody platform now supports bank-grade custody technology. Customers will be able to tokenize a wide range of assets, including crypto, fiat, and RWAs, all while leveraging Ripple’s XRP Ledger integration.

Other notable features include transaction screening with Elliptic integration and hardware security via AWS Cloud HSM. In this case, Ripple Custody brings banks and other financial technology companies the capacity to build and scale their businesses, tapping into software infrastructure that adds key layers of security for transfers and settlements.

“Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on, ” said Aaron Slettehaugh, SVP of product at Ripple.

Ripple eyes rapidly growing crypto custody market

The new move aims at helping Ripple make inroads in a global digital asset custody market expected to hit $16 trillion by 2030. The company also targets the tokenization trajectory that will see 10% of the world’s gross domestic product on-chain by 2030.

Currently, Ripple Custody offers its services to major banks across the globe, including in the US, Switzerland, Germany, France, the UK, Singapore and Hong Kong. Industry players utilizing Ripple Custody include DBS, BBVA Switzerland, Societe Generale-FORGE, and Archax.

Ripple acquired Swiss-based custody firm Metaco in May 2023, taking steps that have seen it grow its crypto custody business. Standard Chartered’s Zodia Custody integrated Metaco’s digital assets custody solution in December 2023.

Earlier this month, the company secured an in-principle approval to expand its services in the United Arab Emirates.

The post Ripple launches crypto custody solution for banks appeared first on CoinJournal.