Uniswap’s UNI Hits $10.6 Following Hints at New Layer-2 Support

UNI, the native token of decentralized exchange Uniswap, has surged 9%, making it the top gainer in the crypto market today.

At the time of writing, UNI is trading at $10.60, marking an 8.05% rise over the past 24 hours.

Uniswap’s market capitalization has also seen a rise, reaching $6,357,789,142. This growth has elevated UNI to the position of the 17th largest crypto asset, according to CoinMarketCap data. The positive market response is largely attributed to recent developments and announcements from the Uniswap team.

Uniswap’s Enigmatic Announcement

The surge in UNI’s price coincides with an intriguing post by Uniswap Labs on June 14. The post, which featured a meme of a man sitting forward in his chair, included the message, “Locked in. Ready for the Endgame.” This cryptic message has fueled speculation within the crypto community about upcoming developments.

A subsequent post from June 1 hinted that Uniswap v2 is preparing to integrate a new Layer-2 (L2) blockchain. Although the specific L2 protocol has not been disclosed, community speculation points towards ZKsync, a well-known Layer-2 solution that offers scalable and low-cost Ethereum transactions. 

Locked in.

Ready for the Endgame. https://t.co/IjhbYvyccH pic.twitter.com/Y50eMLCAoB

— Uniswap Labs (@Uniswap) June 13, 2024

However, the potential deployment on ZKsync has elicited mixed reactions from the community, with some users expressing dissatisfaction and concerns about the project.

The prospect of integrating ZKsync has not been universally welcomed. Some community members have voiced strong opposition, labeling the project as a scam and expressing concerns about its track record. A user named BehnamSasani articulated these sentiments, urging Uniswap not to support ZKsync, which he claims has scammed users for years.

Despite these criticisms, the broader crypto community continues to speculate on the potential benefits of such an integration. The anticipation surrounding this development has contributed to the positive price movement of UNI.

Growth in Layer-2 Volume and Adoption

Another factor contributing to UNI’s price surge is the impressive growth in Layer-2 volume processed through the Uniswap Protocol. Uniswap Labs highlighted this growth in a June 13 post, noting that it took 22 months to reach the $100 billion mark in L2 volume, 10 months to hit $200 billion, and just 3 months to surpass $300 billion. This exponential growth indicates increasing utility and adoption of Uniswap’s services in the decentralized finance (DeFi) space.

All-time L2 volume on the Uniswap Protocol:

22 months to reach $100B
10 months to reach $200B

And just 3 months to reach $300B pic.twitter.com/CQahuxJHQN

— Uniswap Labs (@Uniswap) June 13, 2024

The rising popularity of Uniswap v2 pools on various L2 solutions, such as Optimism, Arbitrum, and Polygon, has also been noted by community members. An X user named Kyledoops pointed out that these L2 networks are being favored for their scalability, lower fees, and improved user experience. These attributes are driving demand for Uniswap’s offerings, further contributing to the token’s recent price increase.

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