Singapore, Oct. 14, 2024 (GLOBE NEWSWIRE) -- On the evening of October 10, Uniswap, the world’s largest decentralized cryptocurrency exchange, officially announced the launch of UniChain, a Layer 2 network built on Ethereum. Though it's currently only live on the testnet, it has already captured significant market attention. $UNI’s price surged dramatically, increasing by 15% within 24 hours.
While media quickly reignited the old debate of whether "UNI can be further empowered," my focus is on the release of UniChain itself. This launch could shake up the existing public chain landscape and redefine the competitive dynamics between DApps and public chains. It’s becoming clear that public chains will evolve beyond mere transfers and transactions, paving the way for diverse application scenarios. In other words, a new cycle of multi-chain growth in the crypto ecosystem is upon us.
The crypto ecosystem is entering a multi-chain era
Major exchanges and projects are rolling out their own public chains to serve their specific use cases. For example, Coinbase launched Base, Binance introduced BNB Chain, OpBNB, and Greenfield, and OKX recently rolled out X Layer. In the decentralized social space, the blockchain-based platform Farcaster was built on Base, and its flagship channel, Degen, not only issued the $DEGEN token but also launched a Layer 3 solution on Base.
Public chains are becoming more specialized and diversified, with tighter integration between chains and specific applications. The question now is: Are we entering the season of Chain Summer?
I’m confident that we’ll soon witness the rise of countless new public chains and novel application scenarios.
Uniswap founder Hayden Adams stated:
Just as Uniswap is the liquidity hub of the Ethereum network, UniChain has the potential to become the DeFi hub across many chains.
Degen stands as a great example of the fusion between social platforms and public chains. By rewarding users for high-quality content, Degen enhances platform usability, attracts new users, and generates a growth flywheel. Degen’s founder, Jacek Trociński, explained: “The creation of the Degen chain is intended to provide developers with a vibrant playground and offer users a safe space to experiment with funds. Think of it as the blockchain version of Las Vegas—not so much about gambling, but more about the excitement of exploration and entertainment.”
Crypto developers are using the Degen chain to introduce innovative community governance models and participation mechanisms, including consumption, gaming payments, and more.
Telegram’s growing crypto ecosystem
With 900 million users, Telegram is rapidly becoming a new hub for the crypto world. A multitude of crypto DApps are being developed on the platform, and its vast user base has attracted the attention of major exchanges and projects.
Diverse application scenarios, such as blockchain gaming (GameFi), Real World Assets (RWA), and decentralized finance (DeFi)—are thriving, driving a growing demand for custom public chains.
UXUY, a decentralized multi-chain wallet built for Telegram, has officially launched its custom mainnet feature. Users can now easily create and manage over 100 EVM-compatible mainnets and testnets through the UXUY Telegram wallet, including emerging networks like DuckChain, a Layer 2 network on Ton. This allows users to seamlessly participate in airdrops and interact with DApps on new public chains, all without the need for complex operations.
In addition, UXUY Connect will support custom mainnets, offering developers greater flexibility in building diverse DApps. This custom network and testnet support enhances the development experience, allowing comprehensive testing and smooth deployment across different environments, meeting the needs of increasingly complex crypto applications.
UXUY is committed to actively supporting emerging public chains and new infrastructure, embracing the new era of multi-chain growth.
About UXUY
UXUY is a next-gen decentralized multi-chain infrastructure incubated and invested in by Binance Labs. It has already launched both APP and Bot products across iOS, Android, and the Telegram ecosystem.
UXUY Wallet (@UXUYbot) is the first self-custody multi-chain wallet on Telegram, supporting a wide range of blockchains, including Bitcoin Lightning Network, BNB Chain, Base, TON, Arbitrum, TRON, and more. UXUY has created the first decentralized multi-chain wallet and DApp application center based on Telegram, with over 1.5 million users already onboarded. The goal of UXUY Wallet is to bring 900 million users into the multi-chain crypto ecosystem.
