yolowire.com - Cryptocurrency Uniswap (CRYPTO: UNI) is up 9% and the top gainer among DigitalTokens on reports that it is preparing to add support for a new Layer-2 Blockchain.
The specific Layer-2 protocol that Uniswap plans to adopt has not been disclosed publicly. However, there is online speculation that it will be “ZKsync,” a Layer 2 solution that will enable Uniswap to facilitate low-cost Ethereum-based (CRYPTO: ETH) transactions going forward.
Uniswap is currently trading at $10.69 U.S. per token, up 9% in the last 24 hours. Uniswap’s market capitalization now stands at $6.40 billion U.S., making it the 18th largest cryptocurrency.
The price of Uniswap has also been rising as the volume of transactions processed on its underlying blockchain grows.
It took 22 months for Uniswap to reach $100 billion U.S. in transactions. However, it has only taken three months for it to surpass the $300 billion U.S. mark.
The massive growth highlights the utility of Uniswap when it comes to decentralized finance (DeFi) transactions.
Many crypto enthusiasts like Uniswap’s platform because of its scalability, reduced transaction fees, and overall user experience, further contributing to the increase in demand.
A Layer-2 upgrade will only strengthen Uniswap’s evolution and role when it comes to DeFi transactions, say analysts.