Leading decentralized exchange Uniswap announced today it has expanded to the Blast network, a layer 2 solution offering native yield for ETH and the USDB stablecoin. The expansion enables Uniswap users to swap and provide liquidity with lower gas costs and faster transaction speeds compared to the Ethereum mainnet.
Ready for takeoff
Uniswap is now live on Blast💥 pic.twitter.com/uukRWHnY8K
— Uniswap Labs 🦄 (@Uniswap) April 2, 2024
“This launch marks the first time Uniswap users can earn native yield on LP positions, due to Blast’s rebasing functionality,” said Uniswap in a Tuesday announcement.
To access Uniswap on the Blast network, users can navigate to app.uniswap.org, select the network button, and choose Blast. As shared by Uniswap, Blast will also be supported on the Uniswap mobile app.
Additionally, liquidity providers have the choice to use either Uniswap v2 or v3 when providing liquidity on Blast. However, native yield is exclusive to v2 pools involving USDB or WETH, as Uniswap v3’s concentrated liquidity model does not support native yield due to technical constraints.
Uniswap also notes that Blast’s rebasing mechanism presents additional risk factors for liquidity providers, especially with negative rebasing. Unlike concentrated liquidity AMMs like Uniswap v3, Blast doesn’t offer native support for this type of rebasing. Consequently, Uniswap recommends using Uniswap v2 to provide liquidity by rebasing Blast tokens.
Uniswap’s expansion to Blast is now live through its interface, with mobile app support coming soon. This move further extends Uniswap’s footprint across major chains, including Arbitrum, Polygon, Optimism, Base, Binance Smart Chain, and Avalanche.