Unichain, the recently launched layer-1 network by Uniswap, is gaining market share in the crypto industry in terms of volume and developers.
DeFi Llama data shows that protocols in its ecosystem have handled over $662 million in volume over the last seven days. This growth has brought the total volume handled in the blockchain to $710 million.
Uniswap, the biggest player in Unichain, processes the majority of this volume. Over the past 30 days, its transaction volume soared to $703 million.
Unichain has continued to attract developers in the past few weeks. It now has 21 developers in decentralized finance (DeFi), attracting a total value locked (TVL) of $342 million. It also has a stablecoin market cap of over $160 million.
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Unichain has surpassed popular layer 1 and layer 2 networks in terms of DeFi assets. For example, its TVL is higher than popular networks like Mantle, Near Protocol, Hedera, Filecoin, and Algorand. The top dApps in the ecosystem are Uniswap, Stargate Finance, Venus, and Compound. It ranks as the fifth-biggest layer-2 network in the crypto industry.
Uniswap, the largest DEX network, created Unichain as a better alternative to other layer-2 networks. Based on Optimism’s OP Stack, the network offers low transaction costs that are about 95% lower than Ethereum’s. It also has faster block times and cross-chain interoperability since it is part of the Optimism Superchain.
Its speed increased due to the recent integration of Flashblocks on Optimism. This upgrade ensures that transactions don’t need to wait for 2 seconds for the next block. Instead, they are flashed in about 200 milliseconds.
Unichain’s growth means that the network may soon overtake Arbitrum and Base, which are currently the two largest layer-2 networks in DEX transactions. Base processed over $3.5 billion in transactions over the last seven days, while Arbitrum handled $2.6 billion.
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