WEB3
by BSCN
October 24, 2024
The feature reportedly streamlines cross-chain transactions, improving user experience by eliminating complex external bridges and slow transaction times.
Decentralized exchange (DEX), Uniswap,ย rolled out a permissionless cross-chain bridging feature, offering users a seamless way to move assets between nine blockchain networks.ย
Learn about permissionless bridging and our latest integration with @AcrossProtocol ๐https://t.co/4JCr9WnQl0
โ Uniswap Labs ๐ฆ (@Uniswap) October 23, 2024
Users can now transfer assets between prominent blockchains, such as Ethereum, Polygon, Base, Arbitrum, Optimism Mainnet, Zora, Blast, World Chain, and ZKsyncโall without needing third-party services.
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Traditionally, cross-chain transactions required the use of external bridges, which were often cumbersome due to their complicated interfaces and long transaction times. Uniswap's new permissionless bridging reportedly eliminates these barriers.
Powered by the Across Protocol, the new feature allows users to move native assetsโlike ETH on Ethereum or ARB on Arbitrumโdirectly through Uniswap's interface.ย
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Stablecoins are also supported. The Across Protocol functions through decentralized liquidity pools and relayers, avoiding reliance on centralized entities and enhancing both security and speed.
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Dune data shows that there are currently over six million Uniswap users using multi-chain access. However, cross-chain swaps remain a small percentage of overall activity. With this new bridge feature, Uniswap aims to increase its usage across multiple networks, driving growth in multi-chain DeFi operations.
This latest update follows Uniswapโs earlier launch ofย UniChain, a layer-2 chain designed specifically for cross-chain liquidity and decentralized finance. Launched in early October, UniChain aims to address the ongoing challenges in DeFi, such as slow transactions and a lack of decentralization.
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While Uniswap is making progress, it is also facing scrutiny from regulators. Earlier this year, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, signaling potential enforcement action.ย
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The SEC claims that certain tokens offered by the platform may qualify as securities. However, Uniswapย firmly disputes these allegations, maintaining that its tokens do not fall under securities law.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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