Originally published on: November 28, 2024
Uniswap has broken its own record for monthly trading volume on Ethereum layer 2 networks as DeFi enthusiasts flock back into the ecosystem.
In a report from Dune Analytics, Uniswap registered an all-time high of $38 billion in volume across major Ethereum layer 2 networks like Base, Arbitrum, Polygon, and Optimism, among others. This November milestone outstripped its previous peak by $4 billion, which was achieved in March.
Chief Investment Officer at Apollo Crypto, Henrik Andersson, believes that the surge in Uniswap volumes on Ethereum’s layer 2 networks is a result of increased demand for assets and stablecoins within the DeFi space. He sees this trend aligning with the DeFi resurgence and the recent rise in ETH/BTC prices, coupled with escalating on-chain yields.
Andersson predicts that this uptick may herald a period of remarkable performance for the Ethereum ecosystem in the coming days.
Uniswap’s record-breaking monthly volume in November was prominently led by Arbitrum at $19.5 billion, closely followed by Base with $13 billion.
As of the latest data, Uniswap stands as the sixth-largest protocol in terms of fees generated, pulling in over $90 million in the past month. This surpasses the performance of other protocols such as Solana’s Pump.fun and prominent networks like Tron and Maker.
The price of Uniswap’s native token UNI has surged by over 42% in the last week, currently priced at $12.58, reflecting the increased activity on the platform. In comparison, decentralized exchange tokens like Solana’s Raydium and Jupiter have shown mixed results within the same timeframe.
With this momentum, Uniswap appears set to maintain its position as a powerhouse in the DeFi ecosystem, promising exciting opportunities for investors and users alike. Subscribe to our Crypto Biz newsletter for more insights on the latest trends and developments in blockchain and crypto.