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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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DeFi God Made the Expected Start But Altcoin Rise Was Left Halfway! - Coin Bulletin
The mainnet launch of Uniswap's Layer-2 network Unichain limited the decline in Bitcoin after the rise of UNI, following the statements of FED Chairman Jerome Powell.
Decentralized finance (DeFi) leader Uniswap Labs officially launched Layer-2 network Unichain. This new network aims to **shorten block times, increase transaction speed, offer low transaction fees, and improve cross-chain compatibility. It is reported that more than 80 projects, including Uniswap v2, v3, and v4, are working on Unichain. Following the launch, there were 15,000 active wallets created on the network and nearly 100,000 transactions were made.
The launch of Unichain not only increased its price, but also boosted social media interest in UNI. According to TheTie data, social media posts about Uniswap increased by over 30%, surpassing 1,400. These posts were classified as 41% positive and 48% neutral.
Uniswap Labs CEO Hayden Adams emphasized that Unichain is a critical step for Ethereum scalability. He highlighted that in the future, the network will provide more efficiency by shortening block times, enabling users to gain more value, and increasing cross-chain compatibility.
Fed statements limited the rise
After the Unichain launch, the UNI token gained 4.5% and rose to $9.7. However, it failed to exceed the psychological barrier of $10. Still, UNI showed strong performance in the short term after the launch, surpassing major cryptocurrencies like Bitcoin (BTC).
However, the decline in Bitcoin after the statements of Federal Reserve Chairman Jerome Powell also suppressed the rise of UNI. Referring to economic indicators, Powell stated that the Fed would not rush to cut interest rates "The economy is in a good place. We want to make more progress on inflation. We believe that our policy rate is currently at an appropriate level and we do not see a situation that requires us to hurry". These statements created a negative sentiment in the markets and led to a depreciation of Bitcoin.