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Transforming DeFi: The Strategic Leap of Unichain

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Uniswap Labs announced Unichain, whose testnet launched on October 10 and mainnet is launching in November, relying on the tech infrastructure from Ethereum layer-2 Optimism's OP Stack, and block builder Flashbots.

• Uniswap Labs announced Unichain, whose testnet launched on October 10 and mainnet is launching in November, relying on the tech infrastructure from Ethereum layer-2 Optimism’s OP Stack, and block builder Flashbots.

• Unichain is a DeFi-specific scalability solution aiming to offer a universal liquidity hub, with an emphasis on transaction speed and superior security.

• Uniswap’s token UNI will be used, or staked, to validate Unichain transactions and earn part of the network’s sequencer fees – of which the stack will be decentralized using what’s known as the Unichain Validation Network.

• This is a key development, as it will transform UNI from a governance token into a utility token, thereby completely changing its investment case.

Uniswap is the crypto market’s largest decentralized exchange (DEX) and the pioneer of the crypto-native automated market maker (AMM), which later became an industry standard for most DEXs. While Uniswap has maintained over 46% of the market share, its dominance has been eaten away by emerging DEXs, as shown below in Figure 1, that offer revenue sharing with token holders rather than just for liquidity providers.

Figure 1 – Decentralized Exchanges Volume

Source: Dune

Driven by this increasing competition, Uniswap Labs revealed Unichain, a Layer 2 (L2) Superchain, built using OP Stack, which is a modular, open-source software stack developed by Optimism, one of Ethereum’s leading scalability solutions. The primary goal of the OP Stack is to create scalable, secure, and interoperable blockchains, with Unichain being a prime example.

What is Unichain?

In essence, it’s a DeFi-centric Ethereum scaling solution designed to cater to users’ financial activities. By integrating advanced cross-chain functionality through technologies like cross-chain intents (ERC-7683), which we’ll delve into later, and the LayerZero bridge, Unichain addresses key challenges in the DeFi ecosystem:

  1. Transaction Speed: Block times are reduced to one second, with plans for 250ms sub-blocks – faster than many other L2s.
  2. Cost Efficiency: Transaction costs are projected to decrease by approximately 95% compared to Ethereum’s Layer 1, as can be observed below in Figure 2.
  3. Cross-Chain Liquidity: Unichain aims to create a unified ecosystem for seamless multi-chain asset trading, all whilst abstracting the technology’s complexity away from the user. Otherwise, users are required to utilize third-party bridging solutions and asset wrappers, which exposes them to heightened smart-contract risk.
  4. Incentive Structure: A robust reward system that compensates both token holders and liquidity providers for their liquidity and security contributions.

While Unichain aims to tackle liquidity fragmentation across networks, this gradual process will stretch beyond the initial mainnet launch. The protocol will need to incentivize users and liquidity providers to migrate their liquidity to Unichain as the premier network over time. Thus, liquidity fragmentation could worsen in the short term as this reorganization takes place.

Figure 2 – Average transaction speed vs. Fees of Ethereum’s Layer 2s

Source: Dune

What makes Unichain stand out?

  1. Interoperable and a Multi-Chain Cohesive Ecosystem:
    The quest of lowering transaction costs came at the expense of fragmented liquidity, complicating the user experience. Unichain is designed to simplify swapping across different chains. They worked with OP Labs, the builders behind Optimism (Ethereum’s third largest L2 by TVL of $680M), to make it easy to send messages between L2s in the Optimism Superchain using the network’s stack native interoperability technology. For other chains, Uniswap Labs is improving cross-chain compatibility through initiatives like the Cross-Chain Intents standard, known as ERC-7683.

In this view, Unichain’s Total Addressable Market can have a target of $4.9B, illustrated below in Figure 3.

Figure 3 – UNI’s TVL Across Chains

Source: DeFiLlama

What is ERC-7683, and what is its impact?

Introduced in April 2024, the Cross-Chain Intents standard enhances blockchain interoperability by standardizing off-chain messages and on-chain settlement. This framework simplifies cross-network transactions for users, allowing them to submit a general request—such as swapping Token X on Ethereum for Token Y on Arbitrum—without needing to choose specific bridges, DEXs or solutions. Once a request is made, specialized agents called ”fillers” compete to execute the transaction efficiently. This approach streamlines the process, making it easier for users to trade across several networks like they would in a traditional fintech application that has multiple currency accounts, all whilst fostering competition among service providers across the crypto ecosystem. This will ultimately improve the user experience, which is one of the most important factors in driving mainstream adoption.

  1. Vertical Integration:

Unichain represents a strategic shift in Uniswap’s operational model, enhancing its control over revenue streams and transaction processing. By evolving into an execution network similar to Base and Arbitrum, Unichain now captures additional value through:

o Transaction / Gas Fees – previously allocated to the networks Uniswap lives on. As shown below in Figure 4, Uniswap will be able to preserve about close to $374M in fees, once they’re able to settle these transitions on its own network.

Figure 4 – Uniswap Economics by Blockchain

Source: TheDeFiReport, TokenTerminal

o Swap fees: allocated to liquidity providers (LPs), which had previously been managed and distributed to contributors.

o Front-end fees: the protocol’s only source of revenue that it retains. It has already been in place and managed by the exchange’s front-end interface, as shown below in Figure 5. Uniswap has generated close to $50M in front-end fees since inception.

o Maximal Extractable Value (MEV): previously absorbed by the networks Uniswap was deployed on. Unichain could retain a significant portion of the $83B paid on Ethereum if they had internalized MEV from the offset, as seen below in Figure 5.

Figure 5 – Total Volume of Sandwich attacks on Ethereum, via Uniswap

Source: Dune

This transformation allows Uniswap to optimize its revenue structure and maintain greater oversight of the entire transaction lifecycle, from execution to settlement. The new model not only improves Uniswap’s economic efficiency but also positions it to offer enhanced services and potentially lower costs for users, all while retaining more value within its ecosystem. Uniswap’s substantial DEX volume across multiple networks, as illustrated in Figure 6, positions the new network for significant growth. By consolidating this activity within its ecosystem, Unichain stands to benefit from a powerful network effects.

Figure 6 – Uniswap Volume Across Different Chains

Source: Dune

Unichain’s architecture also enhances the platform’s capabilities with features like fair transaction ordering, which helps prevent market manipulation strategies such as front-running and back-running. Additionally, by utilizing a dedicated validator set on Ethereum, Unichain can effectively mitigate toxic flows, thereby reducing Maximal Extractable Value (MEV) losses, which we talk about next, helping to foster a fairer trading environment.

  1. Lower MEV Loss: Unichain’s collaboration with Flashbots introduces an advanced block production system that enhances market efficiency and mitigates MEV concerns. By utilizing Trusted Execution Environments (TEEs), this system achieves faster block times, improved transaction ordering transparency, and reduced failed transactions. While TEEs do not replace decentralized consensus, they provide enhanced trust and security compared to traditional block builders. This approach effectively limits validators’ ability to manipulate transaction order for profit, creating a more equitable environment.
  2. Unichain Validation Network: UNI stakers will form a decentralized network of full nodes that replace the actions of the centralized sequencer. Overall, they will provide several key benefits, including:

o Enhanced Decentralization: An additional layer of security that allows independent nodes of operators (token stakers) to verify the state of the blockchain – helping to reduce the risks associated with single sequencer architecture commonly found in other L2 solutions.

o Faster Finality: Quicker settlement of cross-chain transactions, driven by the flashblock technology.

o Increased Token Utility: Instead of simply serving as a governance token, UNI will now play a critical part in the ecosystem. Validators will have to stake the token to participate in the network validation – allowing token holders and not just liquidity providers to earn rewards.

So, what does that mean for Uniswap, Ethereum and the other L2s Uniswap was deployed on?

Unichain’s launch will introduce seamless cross-chain swaps directly through the Uniswap Interface and Wallet, significantly enhancing accessibility to cross-chain markets and their liquidity.

The platform will utilize UNI tokens for network security, with staking occurring on the Ethereum mainnet. This integration increases UNI’s utility and potential demand. However, it’s important to note that the staking yield from transaction fees is distinct from the pending fee switch affecting the broader Uniswap community. Both mechanisms serve to incentivize token holders.

Unichain’s introduction may signal a shift towards app-specific chains retaining substantial user activity. This could create a network effect, attracting more users and liquidity and potentially drawing in other DeFi protocols focused on multi-network presence rather than developing proprietary chains. As seen below, Uniswap has about 14M cumulative users spread across the multiple networks it is deployed on, depicted below in Figure 7. Thus, consolidating this user base could create an unmatched DeFi hub.

Figure 7 – Uniswap Users and New Users

Source: Dune

For Ethereum, Unichain’s launch may lead to a reduction in revenue, as Uniswap has been a significant contributor to transaction fees on the mainnet. Consequently, this could further decrease Ethereum’s deflationary activity. However, if an explosion of activity occurs, we can expect a surge in the amount of ETH used by L2s to settle their activity on the mainnet.

To recap, Uniswap’s evolution into Unichain represents a pivotal shift for the UNI token, transforming it from a governance-focused asset into a multifaceted, value-generating instrument. This transition elevates UNI’s status in the crypto ecosystem, positioning it competitively alongside established proof-of-stake tokens like ETH.

What’s happening this week?

Source: Forex Factory, 21Shares

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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VanEck ETF utökar sitt kryptoerbjudande med Celestia ETN

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Idag tillkännagav kapitalförvaltaren VanEck ETF noteringen av VanEck Celestia ETN på Euronext Amsterdam och Euronext Paris.

  • Celestia möjliggör säker skalning av blockchain-applikationer
  • Modularitet tillåter utvecklare att bygga och skala nya blockkedjor med lätthet
  • VanEck Celestia ETN är tillgängligt i följande länder: Österrike, Schweiz, Tyskland, Danmark, Spanien, Finland, Frankrike, Italien, Liechtenstein, Luxemburg, Nederländerna, Norge, Polen, Portugal och Sverige

Detta börshandlade certifikat (ETN) gör det möjligt för investerare att delta i utförandet av TIA-tokenet i en investerarföredraget omslag. TIA-token är Celestia-nätverkets ursprungliga kryptovaluta.

Celestia är ett specialiserat blockchain-nätverk designat för att optimera och skala datatillgänglighet, branschens grundläggande skalningsflaskhals. Detta gör det möjligt för utvecklare att enkelt distribuera applikationer i sitt eget blockutrymme med hög genomströmning med full-stack-kontroll.

”Efterfrågan på TIA-token är ett direkt resultat av behovet av Celestias tjänster, eftersom alla interaktioner på Celestia är denominerade och betalda i TIA,” förklarade Menno Martens, Crypto Product Manager på VanEck Europe. ”När fler och fler utvecklare använder Celestias tjänster för att bygga fullstackapplikationer med hög genomströmning, ser vi tillväxtpotential för Celestia.”

VanEck Celestia ETN erbjuder investerare ett reglerat och börshandlat sätt att få exponering för denna innovativa blockchain. Investerare bör dock notera risken för extrem volatilitet i samband med digitala tillgångar.

”VanEcks ETN är ett av de första stegen mot utökad tillgång till Celestia av institutioner”, säger Mustafa Al-Bassam, medgrundare av Celestia och ordförande för Celestia Foundation. ”Snart kommer det att finnas fler sätt att gå med i Celestias ekosystem för alla typer av användare och deltagare.”

Denna ETN spårar MarketVector Celestia VWAP Close Index, som återspeglar priset på TIA-token. Den är helt säkerställd, vilket innebär att de underliggande tillgångarna faktiskt köps och förvaras säkert i kylförvaring. VanEck samarbetar med Bank Frick, ett reglerat förvaringsinstitut i Liechtenstein, för att säkerställa höga standarder för förvaring av kryptovaluta över sina ETNer.

Produktinformation

NamnVanEck Celestia ETN
IndexnamnMarketVector Celestia VWAP Close Index
ISINDE000A4AKZB4
KortnamnVTIA
Registerade länderAT, CH, DE, DK, ES, FI, FR, IT, LI, LU, NL, NO, PL,PT, SE
Ticker Euronext AmsterdamVTIA NA
Ticker Euronext ParisVTIA FP
IndexleverantörMarketVector Indexes GmbH
Total expense ratio (TER)1,5 %

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B4NZ ETC en eurohedgad satsning på WTI Crude

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BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC (B4NZ ETC) med ISIN DE000PZ9REW2, försöker följa RICI Enhanced WTI Crude Oil (EUR Hedged)-index. RICI Enhanced WTI Crude Oil (EUR Hedged)-index spårar priset på terminskontrakt på WTI Crude Oil. Valutasäkrad till euro (EUR).

BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC (B4NZ ETC) med ISIN DE000PZ9REW2, försöker följa RICI Enhanced WTI Crude Oil (EUR Hedged)-index. RICI Enhanced WTI Crude Oil (EUR Hedged)-index spårar priset på terminskontraktWTI Crude Oil. Valutasäkrad till euro (EUR).

Denna ETCs TER (total cost ratio) uppgår till 1,20 % p.a. BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC är den enda ETC som följer RICI Enhanced WTI Crude Oil (EUR Hedged)-index. Denna ETC replikerar det underliggande indexets prestanda syntetiskt med en swap.

BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC är en mycket liten ETC med tillgångar på 0 miljoner euro under förvaltning. Denna ETC lanserades den 7 augusti 2019 och har sin hemvist i Nederländerna.

Information

ISINDE000PZ9REW2
Securities identification number (German WKN)PZ9REW
BloombergB4NZ GY
ReutersB4NZ.DE
TypeETC
CurrencyEUR
Currency hedgedYes, EUR Hedge
Roll optimizedYes
LeveragedNo
Physical deliveryNo
Total Return Yes
ExchangeFrankfurt Stock Exchange (Regulated Market – Xetra®), Stuttgart Stock Exchange
Trading periods08:15 am – 20:00 pm
Maturityopen end

Handla B4NZ ETC

BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC (B4NZ ETC) är en europeisk börshandlad produkt. Denna ETC handlas på till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
XETRAEURB4NZ

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XZEP ETF köper aktier i företag i Europa med höga ESG-betyg

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Xtrackers MSCI Europe ESG UCITS ETF 1D (XZEP ETF) med ISIN IE0004ZJGWT9, strävar efter att spåra MSCI Europe Low Carbon SRI Leaders-index. MSCI Europe Low Carbon SRI Leaders-index spårar stora och medelstora värdepapper från Europa. Endast företag med låga koldioxidutsläpp och högt ESG-betyg (environmental, social and governance) beaktas. Moderindex är MSCI Europe.

Xtrackers MSCI Europe ESG UCITS ETF 1D (XZEP ETF) med ISIN IE0004ZJGWT9, strävar efter att spåra MSCI Europe Low Carbon SRI Leaders-index. MSCI Europe Low Carbon SRI Leaders-index spårar stora och medelstora värdepapper från Europa. Endast företag med låga koldioxidutsläpp och högt ESG-betyg (environmental, social and governance) beaktas. Moderindex är MSCI Europe.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,18 % p.a. Xtrackers MSCI Europe ESG UCITS ETF 1D är den billigaste ETF som följer MSCI Europe Low Carbon SRI Leaders index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen delas ut till investerarna (Årligen).

Xtrackers MSCI Europe ESG UCITS ETF 1D är en stor ETF med tillgångar på 999 miljoner euro under förvaltning. ETF lanserades den 12 juni 2024 och har sin hemvist i Irland.

Index nyckelfunktioner

MSCI Europe Low Carbon SRI Leaders Index syftar till att spegla resultatet på följande marknad:

Stora och medelstora företag från utvecklade europeiska marknader

Granskas kvartalsvis

Handla XZEP ETF

Xtrackers MSCI Europe ESG UCITS ETF 1D (XZEP ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
XETRAEURXZEP

Största innehav

ISINNamnVikt %LandIndustri
DK0062498333NOVO NORDISK CLASS B9.06%DanmarkHealth Care
GB0009895292ASTRAZENECA PLC4.73%StorbritannienHealth Care
CH0012005267NOVARTIS AG4.21%SchweizHealth Care
DE0007164600SAP4.17%TysklandInformationsteknologi
GB0005405286HSBC HOLDINGS PLC3.29%StorbritannienFinans
FR0000121972SCHNEIDER ELECTRIC2.68%FrankrikeIndustri
FR0000120321LOREAL SA2.10%FrankrikeDagligvaror
FR0000120073LAIR LIQUIDE SOCIETE ANONYME POUR2.04%FrankrikeMaterials
CH0012221716ABB LTD1.77%SchweizIndustri
GB00B2B0DG97RELX PLC1.70%StorbritannienIndustrials
CH0011075394ZURICH INSURANCE GROUP AG1.53%SchweizFinans
FR0000052292HERMES INTERNATIONAL1.44%FrankrikeSällanköpsvaror
FR0000131104BNP PARIBAS SA1.41%FrankrikeFinans
DE0008430026MUENCHENER RUECKVERSICHERUNGS-GESE1.31%TysklandFinans
FR0000120628AXA SA1.24%FrankrikeFinans

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