DEX Uniswap (UNI) Is Now Working on Coinbase-Backed Layer-2 Base

The popular decentralized exchange Uniswap is now available on Base, a new Ethereum layer-2 platform created by the US-based cryptocurrency company Coinbase.

Base uses the blockchain-scaling technology Optimism (OP), and its testnet was released in February 2021. Uniswap Labs has announced that users can now perform swaps or add liquidity on Base directly from the Uniswap web application.

“Rumor has it that Base needs a DEX.

We’re excited to announce that Base is now live on the Uniswap web app.”

According to data from CoinGecko, Uniswap is the largest DEX in the world and has the highest liquidity, having processed over $453 million in volume in the last 24 hours and offering over 1,700 crypto assets for trading.

Uniswap now supports Base as its eighth chain. Coinbase engineers have ensured that Base is compatible with Ethereum, Ethereum layer-2s such as Optimism, and alternative layer-1s like Solana (SOL). Base is also offering a “Genesis Builder NFT” as a reward to its early developers.

To receive the NFT, developers must deploy a decentralized application (DApp) on Base and complete an on-chain application. Coinbase has previously stated that it has no intentions of releasing a new network token.

Recent reports suggest that Coinbase has been instructed by the U.S. Securities and Exchange Commission (SEC) to halt all trading of cryptocurrencies except for Bitcoin (BTC).

The reason for this order remains unclear, as the SEC has not provided any explanation to Coinbase CEO Brian Armstrong.

Armstrong has publicly stated that the SEC requested the removal of all non-Bitcoin assets on the exchange, citing that they are considered securities. Despite Armstrong’s disagreement with this interpretation, the SEC has declined to provide further clarification.

Faced with the prospect of shutting down the entire crypto industry in the US, Coinbase decided to fight the lawsuit in court. Stay tuned for more juicy news.