Originally published on: November 28, 2024
Uniswap has broken its own record for monthly volume on Ethereum layer 2 networks as decentralized finance (DeFi) enthusiasts flock back to the ecosystem. According to data from Dune Analytics, Uniswap achieved an impressive $38 billion in volume across major Ethereum layer-2 networks such as Base, Arbitrum, Polygon, and Optimism, among others. This November record surpasses its previous high set in March by $4 billion.
Henrik Andersson, Chief Investment Officer at Apollo Crypto, attributes the surge in Uniswap volumes on Ethereum layer 2 networks to the increased demand for assets and stablecoins within the broader DeFi ecosystem. Andersson believes that this uptick may signal the beginning of a long-awaited period of outperformance for the Ethereum ecosystem.
In November, Uniswap witnessed its highest monthly volume on Arbitrum at $19.5 billion, closely followed by the Coinbase-incubated network Base at $13 billion. As of now, Uniswap ranks as the sixth-largest protocol by fees, generating over $90 million in fees in the last month, outpacing other protocols including Solana, Tron, and Maker.
The price of Uniswap’s native UNI token has seen a significant increase of more than 42% in the last week, currently trading at $12.58, up 10% in the past 24 hours. UNI has emerged as a top performer among decentralized exchange tokens, surpassing the growth of other tokens like Raydium (RAY) and Jupiter (JUP).
Don’t miss out on more engaging articles like this one – subscribe to our Crypto Biz newsletter for a weekly snapshot of key business trends in blockchain and crypto, from startup buzz to regulatory shifts. Stay informed to navigate the market and discover exciting opportunities. Subscribe now to gain valuable insights every Thursday!