Uniswap Embraces Sony’s Soneium to Power Next-Gen DeFi Trading

• Uniswap has announced the integration of Sony’s Soneium into its network to ensure easy swaps and bridges across networks. 
• The price of UNI has, however, failed to positively react to this development as it declines across all the major trading sessions. 

Uniswap (UNI) has officially collaborated with Sony, integrating its Soneium on the Uniswap wallet and Web app to enable users to seamlessly swap, provide liquidity, and bridge across networks. According to the details published by Uniswap, this partnership would also pave the way for value to be exchanged for everything ranging from collectibles to tokenised IP.

As previously mentioned in our blog post, the Soneium mainnet debuted in January and has since protected the intellectual property of individuals and onboarded new users on-chain. Over the period, they have launched several projects on the Soneium, including minting the #1 Anime “Solo Levelling”.

This move also follows its recent partnership with LINE to integrate four successful mini apps into the blockchain ecosystem. As indicated in our previous report, this collaboration brings a blockchain-based gaming experience to more than 200 million users.

Commenting on this jaw-dropping move, Chairman of Sony Block Solutions Labs Jun Watanabe has disclosed that Uniswap has long been committed to accessibility and innovation, aligning with its mission.

At Sony Block Solutions Labs, our goal is to build a world-class blockchain ecosystem for creators, fans, and developers under the vision “Realise the Open Internet that Transcends Boundaries”, and Uniswap Labs’ commitment to accessibility and innovation aligns with our vision for Soneium. This integration is expected to enable a more seamless engagement with Web3.

Regardless of its latest update, the native token of Uniswap, UNI, has failed to overturn its bearish trend as it declined by 2.8% in the last 24 hours, 10% in the last seven days, 14% in the last 30 days, and 46% in the last 90 days. Trading at $4.9, UNI’s trading activities have considerably increased by 13.5%, with $98 million changing hands.

More About the Uniswap Collaboration

Startale Group CEO Sota Watanabe has highlighted that collaboration makes it easier for people to join the on-chain economy. With its commitment to empowering global innovation, the combination of Uniswap’s Decentralised Exchange (DEX) infrastructure and the layer 2 network could be a great step in achieving this goal.

Over the years, Uniswap has also been working on building an open and permissionless open market that users could share and earn across the ecosystem.

Currently, Uniswap is expected to redefine the face of Decentralised Finance (DeFi) as it teams up with the likes of Robinhood and MoonPay. According to its communication team, this collaboration ensures that users seamlessly convert crypto into fiat while getting direct bank deposits.

Also, Uniswap has launched a new Layer-2 (L2) network to cement its role in the Web3 ecosystem. As explained in our recent coverage, community members have, however, criticised the move for a lack of transparency.