Uniswap Secures $700 Million for Its Layer 2 – Could This Pepe Blockchain Be the Next Big Move?

Author

Sam Cooling

Author

Sam Cooling

About Author

Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for…

Share

Last updated:

October 11, 2024 17:24 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

In a landmark development, Uniswap’s CEO Hayden Adams announced on October 10 that Uniswap Labs is launching a new Layer-2 scaling solution, aptly named Unichain.

This move positions Uniswap in the competitive market where major players like Coinbase, with its Base Chain, and OKX, with X-Layer, have already launched their own Ethereum layer-2 solutions.

Unichain is specifically designed to enhance DeFi product development, signaling Uniswap’s strategic entry into the intensifying race for Layer-2 scaling solutions.

This adds weight to the so-called ‘AppChain’ thesis, which suggests that in the future, dApps will run on their own dedicated blockchains rather than sharing a single blockchain such as Layer-1 Ethereum as part of a need for performance, customizability, and governance flexibility.

Projects such as Polkadot pioneered the AppChain thesis, which uses a parachain model to support the individual needs of dApps; however, it seems market growth is honing in on Ethereum scalability as the premier destination.

UNI Price Analysis: How is Uniswap Price Reacting to the Unichain Reveal?

As Uniswap pushes up against resistance, UNI is currently trading at a market price of $7.96 (representing a 24-hour change of -2.2%).

This follows last night’s seismic pump, which saw the UNI price surge an impressive +17% in the wake of the Unichain announcement.

Now, in a minor localized retracement, as price action stabilizes following the thunderous pump, UNI price appears to be battling to cement a position above the freshly reclaimed 200DMA at $8.12.

However, with strong support above the 20DMA at $7.14, UNI price now finds itself in a tight range between $7.14-$18.14, which will inevitably push a decisive move.

Indeed, at current levels, these key moving averages seem set to reconverge in the near future following the emergence of a ‘death cross’ back on July 8th.

However, some concern emerges from the RSI, which has risen to a strong bearish signal at 64.5, suggesting that a retrace down to 20DMA support could be the next move.

Yet, if UNI bulls can consolidate here until the ascendent 20DMA forms a golden cross with the 200DMA, then $9 seems a likely upside target for a breakout move.

While Unichain is an exciting launch, it offers few profit opportunities for everyday investors, and that’s why many are switching their attention to a new community-led layer-2 solution with early-bird opportunities for people like you.

Pepe Unchained Could Be The Hottest Layer-2 Scaling Opportunity

Pepe Unchained is setting out to right the wrongs of the original Pepecoin launch in 2023, which, despite market success, missed the opportunity to develop a true ecosystem by deploying on Ethereum layer-1 as a standalone ERC-20 token.

While other projects, such as Dogecoin, form their own layer-1 blockchain, others, such as Shiba Inu, have opted to expand from ERC-20 status to launch their own layer-2s (e.g., Shibarium).

The team behind Pepe Unchained is seeking to do much the same, liberating Pepecoin from its Ethereum nightmare and instead fostering a new community-led ecosystem that is set to emerge as a premier destination for meme coin activities.

At the heart of this is some serious planning and development, namely through the launch of a plethora of planned dApps, including a critical cross-chain bridge, a block explorer, and perhaps most excitingly of all, a new developers grant fund (humorously named ‘Frens with Benefits‘).

To top it off, you can profit from this venture, with the Pepe Unchained team offering early-bird access to a near viral $PEPU token presale – which has currently raised a jaw-dropping $18.75M.

Better yet? When you invest in the $PEPU presale using Ethereum, USDT, or a simple VISA card, you can instantly stake your $PEPU presale tokens for an additional market-beating 116% APY.

So don’t miss out. Stay current by engaging with the Pepe Unchained community on X and Telegram.

Find Out More About Pepe Unchained Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.