HomeDeFiThe L2 blockchain of Zora arrives on the DEX Uniswap with additional...

The L2 blockchain of Zora arrives on the DEX Uniswap with additional support for NFT

Zora, blockchain layer-2 di Ethereum focalizzata sul tema NFT, รจ sbarcato pochi giorni fa sul DEX Uniswap aprendo nuove connessioni con il mondo DeFi.

From now on, Zora users can take advantage of the convenient and prestigious interface of the decentralized exchange to swap and/or provide liquidity on different pools.

Uniswap has also launched NFT support to facilitate the onboarding of new users on the optimistic rollup: a future airdrop is also in sight.

Let’s see everything in detail below.

The blockchain of Zora live on the leading DeFi sector DEX Uniswap

The nยฐ1 DEX in the crypto sector Uniswap has just inaugurated official support for the Zora blockchain, layer-2 optimistic rollup of Ethereum.

On June 25, both teams revealed the good news to their respective communities, who can now gather around the new integration.

On one hand, the cryptographic exchange expands its suite of available networks, which now counts as many as 11 infrastructures after the recent launch of Blast.

On the other hand, Zora joins a particularly attractive exchange platform in the DeFi world, capable of multiplying the trading volume for the innovative network.

In detail, the integration allows users to trade assets available on Zora through the swap function, both from the web and from the mobile app.

To do this, simply enter the โ€œswapโ€ section of Uniswap, select the Zora network among the supported networks, and indicate the trading pair.

Then choose the quantity to exchange and the direction (e.g., swap ETH for USDC or USDC for ETH) and click on โ€œswapโ€.

In some cases, the approval of token spending is necessary through smart contract, as in every DEX for cryptocurrencies.

uniswap dex blockchain zora
Source: https://blog.uniswap.org/zora-is-now-live-on-uniswap#nft-support-in-the-uniswap-wallet

It is possible at the same time to act as a liquidity provider (LP) at one of the various Uniswap pools available on Zora.

By providing liquidity you can earn a share of the fees paid by users to use your funds lent in the pool to perform swaps. Generally, this varies based on the pair, the amount of trades, and the expected commission.

To access this feature, simply go to the โ€œpoolโ€ option on the DEX, click on โ€œnew positionโ€ and select the pair you want to provide.

Then indicate the tariff level of the commissions, and deposit the indicated assets according to a 50/50 ratio.

uniswap dex blockchain zora
Source: https://blog.uniswap.org/zora-is-now-live-on-uniswap#nft-support-in-the-uniswap-wallet

Support for NFT on Uniswap Wallet

We remind you that the blockchain of Zora is focused on the development of a layer for the buying and selling of NFTs, therefore non-fungible assets.

The DEX Uniswap is instead a platform focused on the exchange of fungible assets, without a dedicated section for the trade of authentic coins (such as Blur or OpenSea)

The partnership therefore seems to include the functions โ€œswapโ€ and โ€œLPโ€ without however touching the main button of the layer-2 Zora.

In any case, Uniswap, to meet the demands of all its users, has also launched support for Zora Network NFT through the mobile app.

In this section, you can easily view NFTs on various networks of the wallet, including Base, Optimism, and indeed Zora.

From the website, a dedicated environment is also available, indicated precisely by the term โ€œNFTโ€, where you can search for collections and trade this type of asset.

Source: https://app.uniswap.org/nfts/collection/0xca21d4228cdcc68d4e23807e5e370c07577dd152

It is worth highlighting in any case how even without the NFT feature, this collaboration between the parties is fundamental for the growth of their respective ecosystems.

For Uniswap, it means expanding its service offerings while for Zora, it represents an opportunity to increase visibility and usage.

The move is generally seen as a positive step towards greater interoperability and functionality in the decentralized finance (DeFi) space.

This news follows a trend of continuous growth in the DeFi sector, with more and more platforms seeking to integrate with each other to offer an all-in-one investment solution. The integration of Zora Network into Uniswap is a clear example of this trend that aims to aggregate the best infrastructures around a single hub.

The growth of Zora’s TVL in recent months: possible launch of airdrop

The TVL of the Zora blockchain has increased significantly since its mainnet launch on June 21, 2023, achieving excellent results.

As of today, it has a total amount of bridged assets amounting to 26.88 million dollars according to L2Beat data, almost triple compared to the data at the beginning of the year.

On May 23, 2024, it had reached the record of 36.9 million dollars in TVL, but then it recorded a slight decline in the metric.

We are talking about much smaller figures compared to the leading networks in the Ethereum layer-2, but it should be contextualized to the market that Zora is targeting.

It is clear that compared to chains more focused on DeFi like Arbitrum, Op Mainnet and Base, this chain is very far behind in terms of TVL.

However, it is not excluded that thanks to the integration with Uniswap it may gradually increase its popularity and attract liquidity even in secondary contexts.

At the moment Zora is the 33rd chain in the ranking of the most โ€œrichโ€ rollups, behind Zkfair, Rhino.fi, and Lyra, and ahead of Sorare, Kinto, and Paradex.

In the last 30 days, the blockchain has processed 3.5 million tx with a throughput speed of 1.72 TPS. The optimistic rollup is still at its STAGE 0, so its sequencers are still excessively centralized.

Source: https://l2beat.com/scaling/summary

Zora could also release a governance token via airdrop in the coming months, rewarding the entire active community of the network.

For those who are farming this airdrop, it might be a good idea to mint the new commemorative NFT of the integration of Zora with Uniswap. 

Obviously, this alone would not be enough to be eligible, and other on-chain activities focused on the world of non-fungible tokens would be needed.

Uniswap x Zora “Uni Zorb” NFT can be minted at the price of 0.00119 ETH, equivalent to approximately 4 dollars.

Already 127,000 users have taken the opportunity to try to get a boost on the airdrop, simultaneously guaranteeing the creator of the collection a prize of 68 ETH.

In the world of finance, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is marked by falling prices. Understanding these concepts is crucial for investors.
Alessandro Adami
Alessandro Adami
Graduated in "Information, Media and Advertising", for over 4 years interested in the cryptocurrency and blockchain space. Co-Founder of Tokenparty, community active in spreading crypto-enthusiasm. Co-founder of Legal Hackers Civitanova marche. Information technology consultant. Ethereum Fan Boy and supporter of Chainlink oracles, strongly believes that smart contracts will be central in the development of society.