According to Uniswap, the decentralized crypto exchange has rolled out the long-awaited permissionless cross-chain bridging. The feature will launch across nine networks, which will be able to interact directly through the Uniswap Wallet and the Uniswap Interface.
The permissionless bridging is powered by Across Protocol, which works through decentralized liquidity pools and relayers. With Across, Uniswap says it can achieve fast and secure bridging, settled in seconds.
The cross-chain bridge will initially launch on Ethereum, Polygon, OP Mainnet, ZKsync, Base, Arbitrum, Zora, Blast, and World Chain. The bridging will also only use native tokens and stablecoins.
Uniswap cited data from Dune Analytics, which indicated that over 6 million Uniswap users conduct token swaps across different networks. The platform explained the previous need for users to use external bridges, which increased transaction times and subjected Uniswap users to new user interfaces.
Users should first access the decentralized exchange’s Interface or the Wallet to leverage the new feature. Then, they should explore the swap modal and choose the token to swap. Under the ‘Swap across networks’ option, users can select the network to swap the token to and complete the transaction.
Bridging feature part of Uniswap’s vision for cross-chain swaps
What feature do you want us to cook up on the Uniswap web app?
If you don’t see it as an option, reply below 🫡
— Uniswap Labs 🦄 (@Uniswap) July 1, 2024
The decentralized exchange mentioned that the cross-chain bridging feature was among the top features the user base requested. The decentralized exchange held a poll on July 1, asking its users to vote on the feature they would want the exchange to launch. In-app bridging had 37% of the total votes, while a portfolio page, limit orders on layer 2s, and improved token warnings got 15.7%, 31%, and 16.3%, respectively.
The poll, which garnered a tidal of 820 votes, encouraged the DEX’s users to suggest other features not listed. One user suggested integrated clusters to set up other wallets as recipients. Other suggestions included reducing swap fees, introducing revenue distribution for UNI holders, social media, and off-ramp capabilities.
Notably, the decentralized crypto exchange mentioned that the permissionless in-app bridging was part of the exchange’s long-term vision for cross-chain swaps. The platform further promised to introduce new features to make cross-chain experiences more seamless.
UNI still records significant price drops
Despite the announcement, Uniswap’s native token, UNI, still recorded a significant price decline, dropping by 3.58% and hitting $7.73. The coin’s market cap also plunged by 3.68% at the time of writing, reaching $4.64 billion. UNI’s 24-hour trading volume also plunged by over 54%, reaching a little over $204 million.
However, October brought notable milestones for Uniswap, including the introduction of the layer 2 chain, Unichain. The decentralized exchange tweeted that the Ethereum-based Layer 2 had improved transaction speeds, cross-chain interoperability, lower costs, and liquidity. The announcement led to a boost in UNI prices by approximately 11%.
On-chain data from Token Terminal on October 21 indicated that the exchange hit $3.7 billion in transaction fees overall, indicating the continued use of the platform. Uniswap Labs also revealed on October 21 that the protocol crossed the $2 trillion mark in all-time trading volume on Ethereum.
