Uniswap Brings SOL and HYPE to Its L2 Unichain via Wormhole – Crypto News – Crypto News
Connect with us
Uniswap Brings SOL and HYPE to Its L2 Unichain via Wormhole Uniswap Brings SOL and HYPE to Its L2 Unichain via Wormhole

De-fi

Uniswap Brings SOL and HYPE to Its L2 Unichain via Wormhole – Crypto News

Published

8 months ago

on

Through a new tie-up with Wormhole, Unichain is adding SOL and HYPE as it looks to reverse slumping liquidity and user activity.

Uniswap Labs and the Uniswap Foundation are teaming up with cross-chain bridge Wormhole to expand support for more tokens on Unichain, the Ethereum Layer 2 developed by Uniswap Labs. The move will start with adding support for Solana’s SOL and HyperEVM’s HYPE, the firms said on Wednesday.

In a press release published on Sept. 3, Wormhole said that users can already bridge SOL and HYPE tokens to Unichain via Wormhole Portal. Eventually, the L2 is planning to add support for tokens from more than 40 blockchains connected through Wormhole, the press release reveals.

To encourage early adoption, Uniswap — the largest decentralized exchange (DEX) by 24-hour volume — is rolling out short-term liquidity incentives tied to the new pairs. For the next two weeks, 2,872 UNI will be distributed weekly to USDC/HYPE liquidity providers, while 3,351 UNI will be distributed weekly to USDC/SOL providers, the release notes.

Unichain Usage Slips

Unichain, which debuted in February, is bleeding fast, with total value locked (TVL) cratering from $902 million in late July to just $455 million this month, slicing off nearly half its stash in a month, per DefiLlama data.

Unichain TVL. Source: DefiLlama
the-defiant
Unichain financial statement. Source: Token Terminal

User activity has also been slipping. Daily active users dropped 86.5% in May, 25.7% in June, and 18.5% in July, with another 0.5% decline in August, figures from Token Terminal show. Unichain currently has around 150,000 daily active users, which is less than half of Uniswap’s 357,000.

The chain, which previously was dominating Uniswap volumes compares to other networks, has been overtaken by Ethereum, which now sees nearly 55% of all trade volume on the leading DEX, per data from Dune Analytics.

Related Topics:
Continue Reading

Trending