- Uniswap new port will make gas fees cheaper
- L2 makes many advancement on L1
A new port of Uniswap exchange has just been announced. The new port would carry out new functions in comparison to the ports that were launched before it. This port would aim to enable scaling solutions which would inadvertently increase the speed of transactions while at the same making gas fees cheaper.
Offchain labs made it known that its newly released Arbiswap port has been proven to have Layer 2 (L2) scaling solutions for Uniswap exchange.
Around October, the ETH scaling service provider released Arbitrum. Arbitrum is currently the only EVM-compatible Optimistic Rollup in the world. This new feature was tested for a while and it recorded quite a lot of success. It is this same scaling technology that the firm has now integrated into the new Uniswap port it developed.
This technology moves transactions off the chain. It moves the transactions into an L2 side gain that is protected by the mainnet. As a result of this, transactions are carried out ina faster and more efficient manner. The increased speed also means that gas fees would be very cheap.
Gas Fees cheaper on L2 than L1
Gas fees would be a lot cheaper on L2 than in L1 because of the Arbiswap rollup chain.
The new port chain can effectively reduce the cost of gas fees to 1,965 gas per swap. This means that the chain can process 390 swaps every second unlike the L1.
L1 is only able to process close to 7 swaps a second, the translates to roughly a block every second. It also uses close to 10 million gas for every block it is able to process.
What this invariably means is that the new port would over time help users to save more on gas fees and at the same time be more efficient in their use of the tokens.
Not only that, the release of the Arbitrum testnet would also result into a more efficient system and lesser gas fees