Say Goodbye to External Bridges: Uniswap’s Newest Feature Is Here

Uniswap Labs has rolled out permissionless bridging, giving users the ability to transfer assets across nine blockchain networks directly through the Uniswap interface and wallet. This new feature aims to streamline cross-chain transfers, removing the need for third-party bridges.

Uniswap Introduces Permissionless Bridging for Multi-Network Asset Transfers

Uniswap users now have the option to bridge assets across networks like Ethereum, Base, Arbitrum, and Polygon. The aim is to tackle common obstacles in cross-chain transfers, such as confusing interfaces and long wait times. Powered by Across Protocol, a decentralized network using liquidity pools and relayers, the system is expected to deliver faster, more secure transfers. Uniswap Labs highlights that this feature was introduced in response to user feedback.

Currently, bridging supports only native assets and stablecoins, enabling transfers of popular cryptocurrencies such as ether (ETH) on Ethereum and arbitrum (ARB) on Arbitrum. Users simply need to select the asset and destination network via the Uniswap interface or wallet. Once confirmed, the firm said the assets are swiftly transferred between networks. Essentially, users can bridge assets directly within the familiar Uniswap interface.

Uniswap claims that this in-app bridging will finalize transactions within seconds, a significant improvement over traditional, slower methods involving external bridges. Uniswap Labs views this launch as part of its broader goal to enable cross-chain functionality, with bridging being just the beginning. The company said the new feature reaffirms its dedication to providing users with smooth cross-chain experiences while continuing to develop new features that support decentralized finance (defi) across various blockchain networks.

Earlier this year, Uniswap Labs, the team and developers behind the widely-used decentralized exchange (dex) platform, came under regulatory pressure from the U.S. Securities and Exchange Commission (SEC). Last April, the company was issued a Wells notice, signaling possible enforcement action related to alleged securities law breaches. Uniswap firmly disputes the accusations, asserting that its tokens don’t qualify as securities, and is pushing back against the SEC’s regulatory stance.

Source : Bitcoin News - Oct 23, 2024