With the resurgence of users interested in decentralized finance (DeFi) in 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 several 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 reached $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 increased demand for assets and stablecoins in the wider DeFi ecosystem. He said:
Andersson added that the recent surge in activity could be the beginning of a long-awaited period of outperformance for the Ethereum ecosystem, stating, “Every time Bitcoin approaches $100,000, we see Ethereum and DeFi tokens start to rise.”
According to data from DefiLlama, Uniswap ranks as the sixth-largest blockchain protocol in terms of fees generated, earning over $90 million in fees in the past month, surpassing the fee income of Solana ecosystem meme coin issuance platform Pump.fun but falling behind Solana’s automated market-making protocol Raydium.
The recent price performance of Uniswap’s native token UNI also reflects the growth in protocol activity, with a rise of over 42% in the past week. As of the time of writing, UNI was trading at $12.6. Data source