With the resurgence of users interested in decentralized finance (DeFi) within the Ethereum ecosystem, decentralized exchange Uniswap has set a new record for monthly trading volume on Ethereum Layer 2 networks.
According to data from Dune Analytics, Uniswap’s trading volume on major Ethereum Layer 2 networks (including Base, Arbitrum, Polygon, Optimism, and others) reached $38 billion this month, surpassing the previous record set in March by $4 billion. Among them, Uniswap’s monthly trading volume on Arbitrum was the highest, reaching $19.5 billion, followed closely by Base, a Layer 2 network incubated by Coinbase, reaching $13 billion.
Source: Dune Analytics
Henrik Andersson, Chief Investment Officer at Apollo Crypto, stated in an interview with Cointelegraph that the growth in Uniswap’s trading volume on Ethereum Layer 2 is related to the increasing demand for assets and stablecoins within the broader DeFi ecosystem. He said:
Andersson added that the recent growth in activity may be the beginning of a period of expected outperformance for the Ethereum ecosystem. “Every time Bitcoin approaches $100,000, we see Ethereum and DeFi tokens start to rise.”
According to data from DefiLlama, Uniswap ranks sixth in terms of fees generated among blockchain protocols, generating over $90 million in fees in the past month, surpassing Solana’s meme coin issuance platform Pump.fun but falling behind Solana’s automated market maker protocol Raydium.
The recent price performance of Uniswap’s native token UNI also reflects the growth in protocol activity, rising over 42% in the past week. At the time of writing, UNI’s trading price was $12.6.
Data source.
